Kanbawza Bank

Kanbawza Bank (Burmese: ကမ္ဘောဇဘဏ်; abbreviated as KBZ Bank) is a private commercial bank in Myanmar. The bank was established on 1 July 1994 in Taunggyi, Shan State. KBZ Bank is an affiliated entity of the Kanbawza Group (a brand founded by Aung Ko Win to bear ownership rights across all other “KBZ” companies).

Kanbawza Bank
TypePrivate
IndustryBanking
Founded1994
HeadquartersYangon, Myanmar
Key people
Aung Ko Win (Chairman)
ProductsFinancial Services
Number of employees
Over 18,000
Websitewww.kbzbank.com

KBZPay

In October 2018, KBZ Bank launched KBZPay, a mobile wallet platform that allows individuals, merchants and businesses access to the financial system and Myanmar’s emerging digital economy.[1] Aside from storing money, the KBZPay app allows customers to make cashless transactions, send and receive money, and withdraw physical cash through authorised agents, merchants and ATMs, at zero to low cost, without a card, across the country.[2]

Most recently, the platform was boosted by the introduction of shopper and personal loans, digital life insurance, and a donation function, which allows people to donate to charities within a single platform. The app, which is available for download across the country, recently crossed the 6 million downloads mark in August 2020,[3] with more than USD 9 billion in transactions facilitated.[4]

Contribution to COVID-19 Relief

In March 2020, KBZ Bank donated nearly US$1 million to Myanmar’s health ministry to combat COVID-19. The bank also donated 600,000 surgical masks and 3,000 sets of PPE.[5]

In what was the biggest and most rapid injection of liquidity in Myanmar’s history, the bank increased the supply of bank notes by tenfold in all of its 500 branches and 2,200 ATMs, while also doubling withdrawal limits for its customers.

To ease the financial impact of COVID-19 on businesses and households, financial relief programs were also established, including rescheduled repayments for mortgages, reduced interest rates on loans in-line with Central Bank recommendations, and tailored loans for specific groups, such as rural farmers.[6]

References
  1. "KBZ Bank Deputy CEO Marlene Nang Kham Noung Receives ASEAN Entrepreneur Award for Deepening Financial Inclusion and Equality". Eleven Media Group Co., Ltd. Retrieved 2020-11-02.
  2. "How KBZ Bank strides towards financial inclusion in Myanmar". Asian Banking & Finance. Retrieved 2020-11-02.
  3. DiBiasio, Jame (2020-10-06). "Red app, blue app: KBZPay notches 6m Myanmar users". DigFin. Retrieved 2020-11-02.
  4. "The KBZ heiress bringing digital development to Myanmar". Euromoney. 2020-10-12. Retrieved 2020-11-02.
  5. "Myanmar's KBZ Bank Donates Nearly $1M to Coronavirus Efforts". The Irrawaddy. 2020-04-06. Retrieved 2020-11-02.
  6. Today, Myanmar Business (2020-06-12). "KBZ Introduces Credit Assistance Program for SMEs | Myanmar Business Today". Retrieved 2020-11-02.
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