We are all familiar with the automated teller machine (ATM). It is a machine we use to withdraw and deposit money and it doesn’t take a genius to operate. However, this is actually a privilege that we have such a convenience to use this machine because some countries do not have even an automated teller system.
Myanmar’s banking system is one of the most antiquated systems in the world due to many socialist policies. Before, it was impossible to transfer money from one person to another and it required underground money transfer agents. Recently, private banks in Myanmar finally introduced ATM machines. People no longer have to haul suitcases of money to banks anymore.
This is only the beginning. Soon, the central bank will allow debit card network allowing other banks to share ATM machines and introduce many more changes to the financial sector in Myanmar. This would ease many restrictions and allow United States investments and financial services in Myanmar for the first time in decades. One can also view this as a political change. Foreign banks will be opening early next year and no later than 2015. Many citizens in Myanmar are amazed at this big step to connecting with the world. Electronic payments are crucial in order to participate in the global economy today.
[Photo credit: dawn.com]