The National Unity Government (NUG) announced the soft launch of its online banking service Spring Development Bank (SDB) on 20 July.

The full launch of services is expected to be given in late August. Phase one of this banking for Myanmar will include services for deposits in U.S. dollar, Singapore dollar, Thai baht and Myanmar kyat, account transfers and receipts, cross-country remittances, digital gold savings and the sale of land and buildings owned by senior military officers under the “End of Dictatorship” (EOD) programme carried out by the NUG.

In the second phase, services will include merchant payment services, digital debit cards and individual loans to the revolution, in addition to more currency deposits of pounds, Euros, Korean won and Japanese yen.

The third phase will cover services of the NUG/EOD investments secondary marketplace and more third-party services such as insurance, education and the e-lottery.

In the first period of 12 months target, SDB will focus on customer services to attract 100,00 active users, while the second period is set to monetize the platform and aim for more than 500,000 active users.

NUG’s Minister for Planning, Finance and Investment Tin Tun Naing, who is also the governor of the Interim Central Bank, explained policies to manage the SDB.

“Profits gained from the Spring Development Bank will be used to support the revolution of the country and to protect financial security of people from the military junta that is violating rules and principles in financial sector,” said the minister.

In response to the questions of reporters, the minister said, “The NUG is managing the financial sector through an oversight mechanism of a commission led by the acting president in allocating budgets proposed by the respective ministries.”

He also replied to the question of Mizzima: “We will keep the information of customers in strict secrecy in relation to financial resources of NUG.”

The establishment of the SDB is aimed to provide an alternative banking system that can safeguard the people’s assets while disrupting the flow of funds to the junta regime, to support efficient fundraising and fund deployment efforts during the revolution for the freedom of Myanmar, and to become a strong financial pillar during the post-revolution period contributing to the redevelopment of the country.