Neurogine MPEX, CB Bank to modernise Myanmar's MSMEs

LABUAN, Malaysia - Aug. 5, 2024 - PRLog -- Neurogine MPEX (L) Ltd, a financial and banking infrastructure technology innovator, is enabling CB Bank PCL, a leading financial institution in Myanmar, to transform its merchant onboarding process using Neurogine nMerchant, an advanced mobile-centric platform. This partnership aims to encourage Myanmar's Micro, Small and Medium-sized Enterprises (MSMEs) to adopt mobile technology and boost the economy.

About 99.4% or 126,237 of businesses in Myanmar are MSMEs, which contribute 36% to Myanmar's Gross Domestic Product and recognised as the country's economic backbone. Myanmar's MSMEs contribute significantly in economic development, employment creation, resource allocation and income generation.

By streamlining the merchant registration process with Neurogine nMerchant, CB Bank can rapidly onboard new businesses and grow its merchant community. "Neurogine nMerchant will reduce the turnaround time and improve CB Bank's overall efficiency, " said Neurogine MPEX CEO Owen Chen Chee Onn. "

The implementation of Neurogine nMerchant also paves the way for future integration with Neurogine n2Tap, Malaysia's first Software Point of Sale (SoftPOS) Solution certified by Payment Card Industry Security Standards Council (PCI SSC). Apart from cost reduction, Neurogine nMerchant can generate valuable data that can be analysed to make better decisions." CB Bank aims to focus on MSMEs communities in Mandalay, Ayeyarwady, Bago, Sagaing and Yangon.

According CB Bank Managing Director (Head of Merchants Services) U Zayar Aung, the Neurogine MPEX and CB Bank partnership underscores the importance of digital transformation in Myanmar's financial sector. "We are committed to support the growth of Myanmar's MSMEs and confident that Neurogine nMerchant will be a game-changer for the Myanmar market."

U Zayar Aung said this announcement comes ahead of CB Bank's 32^nd Anniversary Celebration, scheduled on August 21, 2024. "The implementation of Neurogine nMerchant is our testament to improve our processes and meet evolving needs." Established in 1992, the bank is one of the largest in Myanmar, employing 9,000 people, operating 220 branches, serving corporate, businesses and consumer clients.

More information
http://www.neurogine.com