Labuan, Malaysia – 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 with the implementation of Neurogine nMerchant, an advanced mobile-centric platform. This strategic partnership aims to accelerate Myanmar's economic growth by empowering Micro, Small, and Medium-sized Enterprises (MSMEs) by increasing the adoption rate of mobile technology.

MSMEs contribute a substantial 36 per cent to Myanmar's Gross Domestic Product and the backbone of the country's economy. About 99.4 per cent or 126,237 of businesses in Myanmar are categorised as MSMEs. As a developing nation, MSMEs contributes significantly to economic development, employment creation, resource allocation and income generation. By streamlining the merchant registration process, Neurogine nMerchant will enable CB Bank to rapidly onboard new businesses and expand the number of merchants, providing them with easier access to financial services.

"We are thrilled to partner with CB Bank and drive financial inclusion in Myanmar," said Neurogine MPEX CEO Owen Chen Chee Onn. "Neurogine nMerchant will significantly reduce paperwork, accelerate turnaround times and enhance the overall efficiency of CB Bank." This partnership is a significant milestone for both CB Bank and Neurogine MPEX as they jointly contribute to the modernisation of Myanmar's financial landscape.

Neurogine nMerchant is an advanced mobile-centric automated merchant registration platform, designed to streamline and expedite the merchant onboarding process. Its implementation 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). With its intuitive interface and robust features, Neurogine nMerchant enable CB Bank to efficiently acquire and manage its merchant community. “There is a much faster turnaround time as the merchant registration process is accelerated and this means quicker access to CB Bank’s services. Paperwork is heavily reduced as Neurogine nMerchant eliminates the need for physical paperwork, which improves efficiency and accuracy. In addition, the platform has enhanced and robust security measures to protect sensitive information“, he said.

The implementation of Neurogine nMerchant lowers operational costs and enable CB Bank to benefit from a datadriven decision making approach. Neurogine nMerchant generates valuable data that can be analysed to make informed decisions. In addition, CB Bank can register merchants conveniently with Neurogine nMerchant using mobile devices, eliminating the need for physical visits to bank branches. This saves time and expands access to financial services for MSMEs in areas like Mandalay, Ayeyarwady, Bago, Sagaing and Yangon. The platform's user-friendly interface and automated workflows are customised to suit CB Bank’s needs to guide merchants through its registration process effortlessly, minimising errors and ensuring accurate data capture.

By pairing Neurogine’s expertise in mobile financial technology and CB Bank’s strong market presence, the partnership aims to transform the way merchants engage with financial services. According CB Bank Managing Director (Head of Merchants Services) U Zayar Aung, the Neurogine MPEX and CB Bank partnership underscores the growing importance of digital transformation in Myanmar’s financial sector. "CB Bank is committed to support the growth of Myanmar's MSMEs, and this partnership with Neurogine MPEX is a significant step forward. By embracing this digital innovation, we are improving our efficiency and delivering exceptional value to our customers. We are confident that Neurogine nMerchant will be a game-changer for the Myanmar market."

“By automating the merchant registration process, we are significantly reducing paperwork, accelerating turnaround times and enhancing overall operational efficiency,” he said adding CB Bank is an award-winning and leading financial institution in Myanmar. In recognition of its excellence in the financial sector, CB Bank was honoured with three awards at the Asian Banking and Finance Awards 2023; “SME Bank of the Year – Myanmar”, “Myanmar Domestic Trade Finance Bank of the Year” and “Myanmar Domestic Cash Management Bank of the Year”.

U Zayar Aung said this announcement comes ahead of CB Bank’s 32nd Anniversary Celebration, on August 21, 2024. “CB Bank is committed in applying technology to drive financial inclusion and empower MSMEs across our country. The implementation of Neurogine nMerchant is a testament to our focus to overhaul our processes and meet the evolving needs of communities in Myanmar.” Established in 1992, the bank is one of the largest in Myanmar, employing 9,000 people, operating 220 branches and serves corporate, businesses and consumer clients. The bank was the first in Myanmar to offer Visa and Mastercard transactions at its Automated Teller Machines, introducing the earliest Internet banking service for businesses in Myanmar and building alliances with other leading credit card providers.

NOTE TO EDITORS

Media Contact:

This Press Release in PDF and visual assets (JPG, PNG) are available upon requests. Please email Chooi Yew Tzen at dan.chooi@neurogine.com or 012 6523811.

ABOUT NEUROGINE MPEX: POWERING FINANCIAL INCLUSION IN ASIA PACIFIC

Neurogine MPEX is a financial technology company developing payment systems, financial market infrastructures (FMIs) and digital financial services (DFS) for banks and financial institutions in Asia Pacific. Based in Labuan, it aims to drive financial inclusion and promote digital economies across the region. Its mission is to expand financial inclusion, empowering individuals and businesses to access essential financial services with efficient and secure financial transactions. Neurogine MPEX’s technology provide a backbone for a cashless, interconnected future; and support financial stability by promoting robust and reliable financial systems for the benefit of all.

Our Approach and Solutions

We collaborate with banks and financial institutions throughout Asia Pacific, building safe, reliable, and efficient payment systems and sound FMIs. Our solutions include Neurogine nPay, a fully integrated mobile payment solution; Neurogine nMerchant, an end-to-end merchant registration and management system; Neurogine nBank, a comprehensive mobile banking platform; Neurogine nCard, a tokenised mobile payment platform; Neurogine n2Tap, a PCI-compliant mobile payment software (First in Malaysia!) and more. Our solutions cater to specific financial needs for retail payment systems and open banking platforms.

Our Achievements:

• Global Certification and Recognition: The Payment Card Industry Security Standards Council (PCI SSC) certified Neurogine n2Tap as having met its PCI MPoC Software standard in July 2024, a testament to our commitment and quality of mobile payment technology
• Emerging Leader: KPMG - HSBC identified Neurogine in its, "Emerging Giant in Asia Pacific 2022" report for our mobile technology expertise.
• Innovation Hub: Malaysian Digital Economy Corporation (MDEC) included Neurogine in its Founders Centre of Excellence program, fostering a culture of innovation.

Our Commitment:

We are a responsible corporate citizen. We are:

• Investing in the future: We are collaborating with Universiti Malaysia Sabah to develop the next generation of tech talent.
• Promoting biodiversity education: We are the first corporate supporter for Gilwell Scouts Nature Park Sandakan, the first environmental educational centre in Malaysia, accredited by World Organization of the Scout Movement as a Scout Centre of Excellence for Nature, Environment and Sustainability,
• Supporting environmental initiatives: We are the first corporate supporter for Pertubuhan Pemuliharaan Biodiversiti Seratu Aatai Sabah, dedicated to protect biodiversity and protect the highly endangered Bornean Elephants in Sabah.
• Industrial community: We are part of Labuan Chamber of Commerce and promoting Labuan as a regional hub for digital finance and technology
• Aligned with UN SDGs: We support United Nations Sustainable Development Goals, specifically Goals 8: Decent Work & Economic Growth, Goals 9: Industry, Innovation and Infrastructure, Goal 13: Climate Action and Goal 15: Life on Land, focusing on decent work, innovation, responsible consumption, and biodiversity preservation.

Join us in building a more inclusive and prosperous Asia Pacific!

https://www.neurogine.com/

ABOUT CB BANK PCL

CB Bank is one of the largest leading private banks in Myanmar with the largest banking network with branches, self-service machines and mobile banking agents. CB Bank has been the front runner in the local banking arena for being the early adopter of technology and innovation backed by our extensive knowledge of local markets and technical expertise.

To offer the best banking solutions to the customers, CB Bank leverages on the most secure, reliable and state-of-the-art technology while recruiting the best and brightest talents from around the world. Over the years, CB Bank has expanded its banking services and branch networks all over the country.

The Bank has grown from a small bank with 33 people in 1992 to a major bank in Myanmar with more than 8,000 employees. Even before Myanmar emerged as one of the fastest growing economies in the region, CB Bank has always been ahead of the curve especially in terms of digital transformation and strategic partnerships.

Some of the most notable “first” products CB Bank delivered in Myanmar are

• VISA and MASTER card transaction at ATMs
• Centralised Core Banking Systems
• Mobile and Internet banking
• Mobile Agent Banking
• CRM Machines

CB Bank offers a variety of banking services ranging from retail banking, consumer financing, cash management, cards and merchant services, corporate finance & advisory, international trade, treasury and transaction banking. It is also dedicated to providing financial inclusion through its partnership with various local and international organisations. CB Bank has partnered with KfW Development Bank, Japan International Cooperation Agency (JICA) and Myanma Insurance to provide customised loans for SMEs in Myanmar. In addition, CB Bank works with Myanmar Post Offices to provide agent banking services to further expand banking networks in Myanmar.

https://www.cbbank.com.mm/en