Myanmar’s Burgeoning Financial Sector Attracts Foreign Suppliers
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Nikkei Asian Review
Growth in banking leads surge for ATMs, software and accounting systems
Foreign companies are rushing in to beef up Myanmar’s financial infrastructure, vying to win orders for ATMs and financial software from commercial banks that are rapidly growing under a civilian government.
This month, Diebold Nixdorf, the world’s top ATM supplier, will open its first sales office in Myanmar. It is to be staffed with its own employees. The American company used to sell its mainstay ATMs in Myanmar through a local agency. Diebold has supplied such machines to major local commercial banks, including Kanbawza Bank and Ayeyarwady Bank, known as Aya Bank. It currently has 70% market share for Myanmar’s ATMs.
But with local commercial banks increasingly investing in financial systems as their businesses grow, Diebold decided it needs its own sales base. The office is located in Yangon, Myanmar’s largest city.