Mobilising Immediate Support
Myanmar is at a critical public health and economic juncture in its effort to combat the COVID-19 pandemic, an unprecedented global crisis.
To mitigate the virus’ impact on human lives and businesses, KBZ Bank has stepped up to play an integral role in addressing the urgent crisis at the national level. This includes realigning its CSR efforts to tackle gaps in relief services, adding two additional Social Purpose Pillars that will channel resources towards the public healthcare system and building healthcare resilience, as well as towards supporting economic recovery.
Since 26 February 2020, KBZ Bank, KBZ MS General Insurance, KBZ Life Insurance, Myanmar Airways International (MAI) and Air KBZ have jointly donated MMK 3.5 billion to support the containment, prevention, and treatment of COVID-19. This includes the supply of critical medical equipment that will support efforts on the healthcare frontline.
With the financial services we provide, we increased the supply of bank notes by ten fold in all our branches and 2,200 ATMs and doubled withdrawal limits, ensuring that all customers have continuous access to cash for essential goods.
This was the biggest and most rapid injection of liquidity in Myanmar’s history in the country’s history.
To keep our customers and staff safe, we have taken all necessary precautions at branches so our customers can continue to access critical financial services. This includes establishing sanitiser stations and conducting temperature checks at entrances, as well providing masks, gloves, and face shields to staff. There are also social distancing measures in place between staff and customers.
For businesses and households, we established financial relief programs to ease the financial impact of COVID-19, including rescheduled repayments for mortgages, reduced interest rates on loans in-line with Central Bank recommendations, and tailored loans for specific groups, such as rural farmers.
Supporting Myanmar’s COVID-19 Economic Response Plan (CERP) through technology
When it comes to managing the impact of COVID-19, there is a need to address both short- and long-term needs. To that end, KBZ Bank’s approach has been wide-ranging, and in alignment with the recently-issued Myanmar COVID-19 Economic Relief Plan (CERP). Its strategy includes:
- Plugging gaps in emergency response by providing essential resources and services
- Building capacity for nationwide relief efforts by leveraging the Bank’s supply chain, oversight and communications network, and best practices
- Easing the burden on public infrastructure and response through public-private partnerships
- Laying the groundwork for an economic recovery that supports agriculture and SMEs
At the centre of these efforts is KBZPay, our digital payments platform. Our contactless mobile wallet supports safer and easier transactions, removing the need for the physical exchange of cash.
To encourage the use of KBZPay, we have:
- Increased the wallet balance limit for all customers, so they can safely and securely store as much as 167% more in cash value on KBZPay
- Collaborated with various government departments, including the Department of Social Welfare and MADB, to disburse cash to mothers for better antenatal and postnatal nutrition, as well as for loans to farmers
- Made it possible for customers to donate as much as 93 million MMK to fund COVID-19-related charities and initiatives through the KBZPay platform
To request for SPIP donation, please click here to fill out the application form