News Update

2C2P and AGD Bank Launch ‘UnionPay and MPU Co-Brand Debit Card’

• The first co-branded debit card to allow Myanmar’s citizens to shop and pay with international merchants
• Domestic transactions processed by MPU; international transactions processed by UnionPay International – accepted at over 4,000 merchants domestically and over 26 million international merchants across 150 countries
• Taps into fast-growing outbound tourism sector, which grew from US$29 million (2002) to US$257 million (2012) according to the World Trade Organization, a CAGR of 24 percent

2C2P , the leading Southeast Asian payments services company, together with Myanmar’s Asia Green Development Bank (AGD Bank), the Myanmar Payments Union (MPU) and UnionPay International (UPI), have launched the ‘UnionPay and MPU Co-Brand Debit Card’, the first co-branded debit card in Myanmar that can be used to transact both locally and internationally.

MPU is the national payment network of the Republic of the Union of Myanmar. It authorizes the issuance and acceptance of all payment cards within the country, of which there are more than 1.2 million as of YE2015. MPU enables the processing of transactions within Myanmar. With UnionPay International (UPI), a subsidiary of China UnionPay, cardholders can shop and pay with international merchants – for the first time. UnionPay is the largest issuer of cards globally, with over five billion cards issued. It is accepted in over 150 countries by over 26 million merchants, and at 1.8 million ATMs around the world.

Aung Kyaw Moe, CEO and Founder of 2C2P said, “2C2P is committed to support Myanmar’s financial institutions. We do this by bridging the gap between local and international infrastructure. We bring our robust platform, as well as our experience and knowledge in international payments, making it possible for Myanmar’s banking and financial institutions to innovate – offering new services which leap-frog legacy financial technologies.”

Myanmar’s AGD Bank customers can apply for the ‘UnionPay and MPU Co-Brand Debit Card’; local and overseas usage will be debited directly from their bank account. Cardholders can also download the ‘AGD UPI Debit Card’ app to manage transactions with real-time monitoring and online support on both iOS and Android platforms, powered by 2C2P. Cardholders benefit from AGD’s loyalty programme, enjoying discounts and privileges at over 4,000 merchants domestically, across the food and beverage, retail, hospitality and travel and tourism sectors. They also stand to enjoy discounts and rebates through UPI’s merchant base across the world.

McKinsey estimates that Myanmar will quadruple the size of its economy from US$45 billion in 2014 to US$200 billion by 2030. Rising affluence and economic growth will be pinned to demographic trends – particularly around Myanmar’s young population. Forty-seven percent of Myanmar’s 51.4 million population is under the age of 24. They are driving the transformation of Myanmar from a cash-based economy to one that transacts with electronic and mobile commerce. Millennials are also responsible for the spike in Myanmar’s outbound tourism, from US$29 million in 2002 to US$257 million in 2012, a compound annual growth rate (CAGR) of 24 percent, according to the World Trade Organization.

U Than Ye, Chairman of AGD Bank said, “At AGD, we are committed to innovate, offering Myanmar’s young, fast growing and connected population the financial services that meet their evolving needs. In line with this, we take great pride in launching Myanmar’s first co-branded debit card, building the economic foundations for a progressive Myanmar.”

‘UnionPay and MPU Co-Brand Debit Card’ follows a number of first-of-its-kind initiatives launched by 2C2P in Myanmar. In January 2016, it launched 1-STOP, an over the counter cash acceptance network, aimed at bringing digital commerce to Myanmar’s urban and rural communities. 1-STOP’s network comprises over 3,000 locations, through 2C2P’s strategic partnerships with Myanma AWBA Group, Myanmar’s largest distribution network for the agriculture sector; retail and convenience store chains Capital Hyper Mart and Grab & Go; mobile stores eCity, Lu Gyi Min and Mr.Fone; as well as a number of independent mom and pop stores across the country.

1-STOP aims to modernize Myanmar’s cash-based economy through its online-to-offline commerce approach, suited for the domestic market, characterized by relatively high smartphone penetration, but limited e-payments infrastructures. Research firm Ovum estimates mobile subscriptions in Myanmar grew by 87.4 per cent in 2014, to 10.7 million. This is forecast to grow at a 21 per cent compounded annual growth rate (CAGR), to reach 38.5 million by end-2019, as operators expand their networks to rural areas.

In June 2015, 2C2P also launched easyBills, the country’s first online bill payment solution. Prior to that, 2C2P, along with Myanmar Citizens Bank, launched ‘Citizen Card’, a reloadable prepaid card accepted by MasterCard and merchants globally. In February 2015, 2C2P developed and implemented Myanmar’s first ecommerce payment platform, together with Myanmar Payment Union (MPU), allowing Myanmar’s citizens to search, select and directly pay for online purchases. 2C2P processed more than US$2.2 billion in transactions in FY2014.

About 2C2P
2C2P is a leading Southeast Asian (SEA) payment services provider. It offers a number of comprehensive, technology-driven, omni-channel payment services tailored to the needs of financial institutions, e-commerce and m-commerce businesses and retailers, facilitating electronic and mobile commerce. 2C2P enables payment acceptance through credit and debit cards, as well as through bank channels such as ATMs, internet banking and mobile banking. 2C2P also facilitates cash acceptance via payment counters, an important feature in SEA, a region characterized by low card penetration. With 2C2P's comprehensive omni-channel solutions, merchants can now transact with both banked and unbanked customers.

2C2P is a PCIDSS Level 1 certified company. The company processes billions of dollars in transactions for many businesses. 2C2P has offices across Southeast Asia, including in Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Philippines and Thailand, as well as in Hong Kong. In 2015, 2C2P was recognized by CBInsights as one of the world's top 25 payment startups. It is a 2013 Deloitte Technology Fast 500 Award winner, recognized as one of Asia's fastest growing technology companies.

About UnionPay International
UnionPay International (UPI) focuses on the growth and support of UnionPay's global payments business. UnionPay's acceptance foot print has expanded to over 150 countries and regions, covering more than 27 million merchants and 1.9 million ATMs worldwide. With more than five billion UnionPay cards issued in over 40 countries and regions, UnionPay serves the world's largest cardholder base. In ASEAN, UPI has enabled ATM, POS acceptance and card issuance across all the 10 countries. UPI started its business in Myanmar in 2012. UnionPay cards are accepted at almost all ATMs and at over 80% of the local merchants. In 2014, UPI partnered CB Bank to issue the first Prepaid Card, which is also the first international payments card in local currency issued in Myanmar. UPI provides quality, cost effective and secure cross-border payment services to the world's largest Cardholder base and ensures convenient local services to a growing number of global Cardholders and merchants. For more information about UPI, visit, follow "UnionPay International" on Facebook, Sina Weibo or WeChat, or download its official mobile application by searching "UnionPay International" in Apple's App Store or Google's Play Store.

About Asia Green Development Bank
Asia Green Development Bank Limited (AGD Bank) opened its head office and first branch successfully on August 2010 in Nay Pyi Taw. AGD Bank aims to deliver banking excellence through inspired and outstanding customer service, while offering innovative products and services that meets our clients' requirements. Today, AGD Bank has 53 branches throughout Myanmar and International Banking Division that operates international remittance services, foreign exchange and agent banking operations. Under the leadership of new managing director U Htoo Htet Tay Za, a new senior management team, and a strong Information Communications & Technology department, AGD Bank offers new products and services such as UnionPay Debit card and mobile money application to potential and existing clients. AGD's vision is to provide the vitally important banking infrastructure that will make a lasting and sustainable impact on this future, building the economic foundations for a progressive Myanmar.