Co-Operative Bank (CB Bank) signed an extensive contract with Diebold Nixdorf for systems, software and services to expand its self-service offerings beyond the country’s main commercial hub Yangon. With the assistance of Diebold Nixdorf, the bank is going to add 500 new ATMs and cash recyclers to its current network of 500 terminals. Diebold Nixdorf will service the entire 1,000-strong fleet of advanced cash systems in CB Bank’s network of 180 branches.
Recently, Diebold Nixdorf has helped CB Bank migrate all its ATMs to more secure EMV chip card technology and obtain EMV certification with both VISA and MasterCard. EMV is a technical standard for smart payment cards introduced by Euro pay, MasterCard and VISA.
Diebold Nixdorf, which has been delivering solutions to CB Bank since 2012, is a major supplier of cash-handling technology and services to all major banks in the country and across the Asia-Pacific region. Diebold Nixdorf is also assisting CB Bank with the implementation of card less cash withdrawals at ATMs. The solution allows bank customers to use their mobile devices to generate a one-time PIN to activate a withdrawal at an ATM either for themselves or for a third party without requiring a bankcard. The technology provides an innovative person-to-person payment service to consumers especially in developing markets. “Together with our local partner, we are enabling CB Bank to extend the reach of its self-service offerings and win a greater share of Myanmar’s growing market for cash services,” said Neil Emerson, Senior Vice President & Managing Director, Asia Pacific, at Diebold Nixdorf. Demand for cash is strong in Myanmar. Cash is the main mode of payment in the southeastern Asia country of more than 53 million people. Competition to provide cash services is also fierce. CB Bank already operates one of the largest ATM networks in the country and aims to expand its market position even further by doubling the number of terminals in its self-service network. Established since 1992, CB Bank is one of the earliest private banks in Myanmar, employing about 7000 employees. CB Bank has 180 branches, 350 mobile banking agents and more than 500 ATMs all over the country. CB Bank launched the first ATM in Myanmar on 1 November 2011.
