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By JAILANI HASAN
LABUAN, June 19 -- Neurogine MPEX (L) Ltd has launched nCard™, the first Near Field Communication (NFC) and token service payment technology to answer the demand for contactless payment capabilities in Myanmar.
Its chief executive officer Owen Chen Chee Onn, nCard™ serves increasing demand for contactless payments, in light of the COVID-19 pandemic, and supports financial inclusion efforts.
He said nCard™ is designed to seamlessly integrate with banking and payment platforms using industry-accepted programming interfaces.
"Our differentiating technology in nCard™ offers a typical implementation of only 30 – 60 man-days, leapfrogging legacy technological hurdles and complexity.” nCard™ is the first of its kind in Myanmar, geared to meet NFC and token payment service requirements from global credit cards," he said to Bernama today.
Neurogine MPEX according to him has successfully prototyped an NFC payment module on mobile devices and smartphones last week for a Tier-1 bank, the oldest and largest commercial bank in Myanmar.
At the moment, the company is conducting two-month testing starting mid-June, then followed by a pilot deployment.
Owen said nCard™ functions on existing mobile applications from financial institutions, banks, large retail chains and Multi-National Corporations (MNCs) and consolidates credit cards on a single mobile application.
He said Neurogine MPEX is working with strategic partners in Myanmar to educate and grow awareness for contactless payment technology.
Owen attributes his optimism on Myanmar’s demographics of mobile users, national financial inclusion efforts and a 53.71 million population, with more than 42 per cent below the age of 25 years old with a promising urban and rural split.
Labuan International Business Financial Centre’s chief executive officer Farah Jaafar-Crossby said this was yet another milestone for a member of Labuan IBFC’s digital family.
"We are excited to be able to support Neurogine in this venture, especially as there is a strong financial inclusion element in the roll-out of nCard™.
“We believe digital solutions are the key enabler to a more equitable global financial intermediation system which is required now, more than ever, as we all face the challenges of COVID-19 and its ensuing economic fallout,” she said.
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