Chinese financial service provider UnionPay pledged to help Myanmar in developing payment infrastructure to transform into a cashless society soon, according to a Xinhua report.
To offer payment services in Myanmar, UnionPay is now working in partnership with local Asia Green Development Bank (AGD), Ayeyarwady Bank (AYA), Co-operative Bank (CB), Kanbawza Bank (KBZ), Myanma Apex Bank (MAB) and Myanmar Oriented Bank (MOB).
In 2017, UnionPay and Myanmar Payment Union (MPU) signed a chip card standard licensing agreement to adopt UnionPay chip card standard as MPU's sole technical standard in card acceptance and insurance.