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Mastercard is set to incorporate a local entity in Yangon, Myanmar, as part of its efforts to deepen its commitment to the country.

The move is said to follow Mastercard’s long-term commitment to furthering Myanmar’s national digital agenda.

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As part of the new development, the company will appoint a country business development manager for Myanmar.

The establishment of the local office is expected to help Mastercardsupport Myanmar in the advancement of its digital payments ecosystem and its endeavours towards a cashless society.

MastercardSoutheast Asia Emerging Markets division president Safdar Khan said: “Mastercard will bring to Myanmar decades of experience in technology skilling that will enable the country to accelerate human capital development.

“Furthermore, as part of the organisation’s commitment to grow the local talent pool, Mastercard is well on its way to assembling a local team which will lead the local efforts and facilitate Mastercard’s objective for sustainable, domestically relevant, long-term success.”

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Mastercard noted that it has been working with the Myanmar government and key stakeholders in the country to digitalise its payments environment.

The company, which made its entry to Myanmar in 2012, is claimed to be the first international payments network to issue licence to a local bank in the country.

It partnered with CB Bank and the Myanmar government to launch MSME Webportal, which reduced the month-long national SME registration process to just one day.

It also tied up with Yoma Bank to digitalise and tailor products and solutions for the bank’s customers, including SMEs.