Press Release

CB-Telenor Co-branded Visa Credit Card launched for Telenor Platinum Star Members

08 May, 2019 - Yangon

  • Telenor Platinum Star customers will be able to apply for CB-Telenor cobranded Visa credit cards on https://cardapp.cbbank.com.mm/telenor-star starting on May 8th 2019
  • No annual fee and 50% discount on issuing fees with double CB Reward Points will be applied
  • 0% interest for IPP (Instalment payment plan) purchases for 6 Months (up to 5 times a year)

In order to boost financial service penetration in the country and to expand member privileges for Telenor Star Platinum customers, Telenor Myanmar joined hand with CB Bank and Visa to launch CB-Telenor Co-branded Visa Credit Cards for the first time in Myanmar. The launch event was held in Lotte Hotel in Yangon today where CEO of Telenor Myanmar Mr Sharad Mehrotra, CEO of CB Bank U Kyaw Lynn and Country Manager of VISA, Ms Lillian Wang, signed the partnership agreement with the presence of media.

With the partnership, eligible Telenor Platinum Star members will be able to enjoy special privileges such as no annual fees for the first 5 years and 50% discount on issuing fees when they apply for CB-Telenor Co-branded Visa Credit Cards. The growth of middle class and technology in Myanmar where consumer credits are largely absent, the partnership will bring more opportunities to the people in Myanmar to access to financial services.

“Telenor’s roadmap is to empower the societies by connecting people with what matters most and digitalizing their customer journey is a key component in implementing this vision. Our partnership with CB Bank in introducing this co-branded credit card to our star customers is a testament as customers could easily apply for the credit card online and at CB banks. We believe the launch of this service will further contribute towards enhancing cashless society in Myanmar. Telenor Myanmar is trying the best to give not only the telecommunication services but also to ensure the customers enjoy the full benefits of being connected in their daily lives,” said Sharad Mehrotra, Chief Executive Officer of Telenor Myanmar.

Telenor Star program is designed to recognize and appreciate Telenor’s loyal customers. Every Telenor user based on certain recharge and duration can be a star customer which entitled you special privileges and deals at over 300 partner outlets plus other benefits like three-time loans (Kyo Thone), priority services, and exclusive postpaid plans. There are three tiers under STAR status – Silver, Gold and Platinum based on both the length of stay with Telenor and the average recharge amount. More details can be viewed at https://www.telenor.com.mm/my/personal/telenor-star.

“We are very much pleased to launch co-branded credit cards together with Telenor and VISA. This new initiative will serve as a catalyst towards creating a cashless society and promote financial inclusion in Myanmar as more people will have access to finance and credit. This is also a good example of a strategic partnership between CB Bank and Telenor. We have come one step closer to take this to the next level,” said U Kyaw Lynn, Chief Executive Officer of CB Bank.

Lillian Wang, Country Manager for Visa Myanmar said: “We are pleased to collaborate with CB Bank and Telenor to jointly launch the first co-branded credit card in Myanmar representing another milestone in the country’s payment industry.  With mobile phone penetration in Myanmar at almost 100 per cent, the integration of telecommunications and Visa card is a very effective combination that will enhance the consumer experience.  In addition, the co-branded card features Visa contactless payment technology that will cater to cardholders who demand a fast, efficient and modern way to make payments without compromising on security. We believe the card will encourage the use of electronic payments, promote the integration of telecommunications and credit card service and, ultimately, driving Myanmar towards a less-cash society.”

Since the co-branded card is powered by Visa, customers will be able to use it at more than 53 million merchant locations worldwide.  Additionally, for Visa cards issued in Myanmar, cardholders will be able to access a world of privileges through Visa’s very own premium platform including international travel, food and shopping as well as special promotions at a number of selected merchants in Myanmar.

Since the co-branded cards are powered by Visa, the customers will be able to use them both locally and internationally including online shopping and hotel bookings. Additionally, core privileges and exclusive deals are available for those co-branded credit card holders.

CB Telenor co-branded Visa credit card is the first ever collaboration in Myanmar between a local bank and a telecom operator. And for the credibility of individual cards, CB Bank will decide based on the individual’s eligible limit in accordance with Central Bank’s guidelines.

CB Bank and Telenor Myanmar have been in partnership for more than 4 years for handling the majority of Telenor’s cash management throughout the country.

CB Bank was the first bank in Myanmar to introduce credit cards in the early 2017 and card usage has grown over the years. Credit cards allow customers to make payment for goods and services with credit with a promise to pay back at a later date.  CB Bank credit card holders also have access to Installment Payment Plan (IPP) at selected merchants and travel agencies which enables the customers to make installment payment.

About Telenor Myanmar

Telenor Myanmar has been providing accessible and affordable mobile communications to people across Myanmar since September 2014. With more than 8,300 sites nationwide, Telenor Myanmar serves more than 18 million customers in all States, Regions and territories through its 2G, 3G and 4G network. Telenor Myanmar is part of Telenor Group, one of the world's major mobile operators with more than 176 million subscriptions across Scandinavia and Asia and committed to responsible business conduct and driven by the ambition of empowering societies. For more information about Telenor Group, please visit:https://www.telenor.com . About Telenor Myanmar, please visit https://www.telenor.com.mm.

For media enquiries, please contact:

About CB Bank 

CB Bank is one of the largest leading private banks in Myanmar established in 1992. With technology at the core of our key initiatives to reimagine the future of financial services, CB Bank has: 

  • Established technology infrastructure and core banking systems, 
  • Introduced banking products and services for customers and clients on our digital platforms
  • Forged strategic partnerships with many partners and service providers

Over 26 years, CB Bank has grown from 33 employees to around 9,000 employees and opened over 220 branches. Tailored to customer requirements, CB Bank offers financial solutions to corporate clients, SMEs and individual customers.

For media enquiries, please contact:

Min Thein (Mr.),
minthein@cbbank.com.mm

About Visa 

Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products. For more information, visit https://usa.visa.com/, visacorporate.tumblr.com and @VisaNews.

For media enquiries, please contact: Trongjate Namwong, tnamwong@visa.com

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