MasterCard Launches In Myanmar, After U.S. Trade Sanctions Relax

In a major step towards integration into the global economy, MasterCard has teamed up with a local Myanmar bank to offer co-branded cards. U.S. trade sanctions against the country were eased in July.

Myanmar's detente with the west is continuing--as of September 6, the country now has MasterCard. The credit giant has announced an agreement with Myanmar's Co-Operative Bank Limited to bring MasterCard debit cards to the Asian country. This will be the first time American or European credit card brands entered into the Burmese market since the 1988 military junta. Myanmar's ATMs will be retrofitted for compatibility with the MasterCard/Maestro/Cirrus network and retailers will be able to accept MasterCard--though foreign-issued cards will not be usable at first. Due to decades-old American and European Union sanctions, Myanmar/Burma has been largely disconnected from the global credit card economy. U.S. trade sanctions against the country were eased in July.

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