Mike DeNoma, CEO of KBZ, said it is exciting to create an inclusive digital financial ecosystem in Myanmar with the support from Huawei.

“In Myanmar only 10pc of the population have a bank account, only 30pc have access to on-grid electricity but 90pc have a smartphone. Our dream, working with all parties, is virtually 100pc financial inclusion through the mobile phone in less than 10 years,” he remarked in Shenzhen.

This partnership is part of KBZ Bank’s drive towards leading innovation and transformation in Myanmar. Aung Ko Win, KBZ chair, believes that the partnership will further strengthen Myanmar as a whole by “improving the quality of life for all in Myanmar through easy, convenient and accessible banking”.

Shenzhen-headquartered Huawei will provide technology and solutions necessary to drive this leapfrog in financial inclusion. Huawei offers both the breadth and depth required for the massive undertaking, the firm’s CEO in Myanmar Zhang Liman claimed.

“Myanmar is one of the fastest growing developing countries, and there is a promising prospect for the development of emerging industries. As the largest commercial bank in Myanmar, KBZ Bank is keen on digital transformation, leading the provision of better financial services to Myanmar people. We believe we can together accelerate Myanmar’s financial inclusion, and improve the living standards of Myanmar people through innovation and new financial technologies, as well as boost the development of a digital economy,” he said.

KBZ seeks to leverage Huawei’s strengths in research and development and technologies to provide better services for Myanmar customers, Mr DeNoma added.

Source: https://www.mmtimes.com/news/kbz-targets-100-percent-financial-inclusion-decade.html