Press Release

uab bank and ABC Fintech announced collaboration for financial service platform

Yangon, 10th February 2020 – uab bank and ABC Fintech (Myanmar) Co., Ltd announced today the signing of an MOU expressing the mutual intention of the Parties to jointly offer a fintech solution to provide convenient banking services focusing on small & medium size (SME) businesses and consumers.

Recently established in Myanmar through investment from Digivision Capital from Singapore, ABC Fintech has established its ABC Financial Convenient Service Platform in Myanmar which will provide bankcard, QR Code and next generation solutions to serve customersin Myanmar.

The MOU was signed on 9 th February 2020 at the Grand Opening of uab bank’s new Head Office – uab Tower @ Times City in Yangon. The partnership between uab bank and ABC Fintech is aimed at helping to meet Myanmar’s rising need to digitalise and modernise its payment systems.

Christopher Loh, Managing Director and Chief Executive Officer, uab bank said, “uab bank recently announced the setup of its fintech unit and is working on numerous initiatives and strategic partnerships to transform banking services by integrating it with specific ecosystems to drive a better customer experience and efficiency. This partnership with ABC Fintech will accelerate and enhance the delivery of a comprehensive SME solution for our customers.”

Commenting on the new co-operation and the upcoming service launches, the Managing Director Mr. Henry Wang of ABC Fintech said, “We are committed to offering Myanmar the most advanced technology to an easy and secure payment experience and convenient living to customers. We look forward to this partnership with uab bank to bring it to live.”

Going further than traditional bank outlets, it is envisaged that uab bank through the ABC Convenient Platform will be able to penetrate deep into communities through convenience stores, gas stations and retail outlets to provide a convenient banking services and positive customer experience in Myanmar.

About uab bank

uab bank is a leading bank in Myanmar. Recognised for its successful transformation and leadership in the Myanmar banking sector amidst the regulatory changes and governance requirements, uab bank was named ‘Myanmar’s Best Bank‘ by Euromoney, ‘Mid-sized Domestic Retail Bank of the Year‘ by Asian Banking & Finance, and was ranked No.1 in Corporate Governance Disclosure by TiME Pwint Thit Sa Report published by the Myanmar Centre for Responsible Business.

Established in 2010, we are now serving our customers from a growing network of over 78 branches in 47 townships across Myanmar. uab provides a wide range of financial services including consumer banking, premier banking, SME banking, corporate banking, trade finance and treasury services.

About ABC Fintech (Myanmar) Co., Ltd.

ABC Fintech (Myanmar) Co., Ltd. with investments from Digivision Capital of Singapore provides digital banking solutions and services in Myanmar. Through smart POS and cloudbased banking system, ABC Fintech will commit to build a national financial service network serving financial institutions where all consumers will be able to open a bank account, perform banking services and electronic payments. We will contribute to Myanmar’s digital and ecommerce infrastructure.

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