📋 Tender Overview
Mastercard announced that it is deepening its commitment to Myanmar by taking steps to incorporate an entity in the country thereby establishing a local office presence in Yangon and to appoint a country business development manager.Mastercard aims to support the advancement of Myanmars digital payments ecosystem and its efforts to build a futuristic and inclusive cashless society. The establishment of the local office also underscores Mastercards long-term commitment to advancing Myanmars national digital agenda and reflects the companys continued confidence in the market.Myanmars GDP growth is expected to rebound to six percent in 2021 making it one of the fastest growing economies in the Southeast Asian region1. The market has successfully leapfrogged several of the usual transition steps on its way to becoming a digital economy. For example despite less than a quarter of the country having a bank account 80 percent of its citizens own a mobile phone2 with many using their devices to conduct transactions and remit funds digitally3. The government of Myanmar has been actively leveraging these advances to lay the foundation for a modern payments infrastructure designed to allow entrepreneurs and businesses to capitalize on opportunities across consumer commercial and government payment flows.With its futuristic vision to enable sophisticated capabilities like real-time payments for its citizens and businesses Myanmar is at a truly pivotal stage in its economic evolution. Mastercard has a long and established history in partnering with hundreds of nations around the world on growing and scaling their payments ecosystems. Mastercards ambition for Myanmar is no different the organization is focused on bringing its global best practices coupled with a deeply rooted local presence and understanding of the domestic environment to bear to help the country secure a digital future defined by efficiency agility and security said Safdar Khan Division President Southeast Asia Emerging Markets Mastercard.As Myanmar continues its digital transformation it is also necessary to empower its people with the skill sets and knowledge they need to participate actively in the digital economy. Mastercard will bring to Myanmar decades of experience in technology skilling that will enable the country to accelerate human capital development. Furthermore as part of the organizations commitment to grow the local talent pool Mastercard is well on its way to assembling a local team which will lead the local efforts and facilitate Mastercards objective for sustainable domestically relevant long-term success he added.Mastercard has been working for nearly a decade with government and key stakeholders in Myanmar to digitalize its payments environment achieving a number of critical firsts and milestones includingBeing the first international payments network to issue a license to a local bank Co-Operative Bank Limited paving the way for Mastercard cards to be issued and accepted in the countryReducing the month-long national SME registration process to just one day by launching the MSME Webportal an e-government web portal in partnership with CB Bank and the Myanmar governmentIssuing Myanmars first credit card designed exclusively for women MAB Ladys in partnership with Myanmar Apex BankPartnering with Yoma Bank to digitalize and tailor products and solutions for the banks customers including SMEsCurating exclusive offers for all Mastercard cardholders to enjoy until 2021 in celebration of Mastercards 8th year in Myanmar
