Neurogine MPEX, CB Bank To Provide Myanmar's MSMEs With Digital Financial Services

LABUAN, Aug 5 (Bernama) – Financial tech innovator Neurogine MPEX (L) Ltd has partnered Myanmar’s CB Bank PCL to revolutionise the merchant onboarding process using mobile-centric platform Neurogine nMerchant.

Neurogine chief executive officer Owen Chen said the collaboration aims to drive Myanmar’s economic growth by supporting micro, small and medium-sized enterprises (MSMEs), which contribute 36 per cent to the country's gross domestic product (GDP). 

He said with MSMEs representing 99.4 per cent of businesses in Myanmar, the partnership focuses on enhancing their access to financial services through mobile technology.

“By streamlining the merchant registration process, Neurogine nMerchant enables CB Bank to rapidly onboard new businesses, providing them with easier access to financial services," said Chen in a statement to Bernama today.

He said the platform significantly reduces paperwork, accelerates turnaround times, and improves efficiency for both CB Bank and its merchant partners.

He added that the nMerchant platform allows merchants to accept payments using quick response (QR) codes and integrates with Neurogine n2Tap, Malaysia’s first software point-of-sale solution certified by the Payment Card Industry Security Standards Council. 

“With an intuitive interface, the platform supports CB Bank to acquire and manage merchants while enhancing customer experiences.

“In addition to improving efficiency, Neurogine nBank enables CB Bank to adopt a data-driven decision-making approach, reducing operational costs and mitigating risks,” Chen said.

He said mobile device registration eliminates the need for physical bank visits, expanding access to financial services in regions such as Mandalay, Ayeyarwady, Bago, Sagaing, and Yangon.

CB Bank managing director (Head of Merchant Services) U Zayar Aung, highlighted the collaboration's role in advancing Myanmar’s digital transformation. 

"CB Bank is committed to supporting the growth of Myanmar's MSMEs, and this partnership with Neurogine MPEX is a significant step forward," he said. 

"We are confident that Neurogine nMerchant will be a game-changer for the Myanmar market,” he said.

CB Bank, established in 1992, is one of Myanmar's largest banks, employing 9,000 people and operating 220 branches. It was the first in Myanmar to offer Visa and Mastercard transactions at ATMs and introduced Internet banking services for businesses.

As CB Bank prepares to celebrate its 32nd anniversary on Aug 21, 2024, the partnership exemplifies its commitment to leverage technology to empower MSMEs and drive financial inclusion in Myanmar.

--BERNAMA