2C2P Pte Ltd (2C2P), which stands for Cash and Card Payment Processor, has just partnered up with Myanmar Citizen’s Bank to form a joint venture where they provide payment processing services for customers.
U Myint Win, the managing director of MCB said that they have partnered 2C2P “to offer businesses innovative yet relevant banking and payment products”. He added, “2C2P’s experience and track record in banking and financial services technology, and MCB’s network, trustworthiness and ambition provide a strong platform for growth as Myanmar’s economy continues to open up.”
Started in Singapore by native Burmese Aung Kyaw Moe, the payment solutions provider is now entering the emerging market, which is considered “under-banked and still very much a cash-based economy.” Aung believes that his company’s technical expertise in this area will be able to see “appropriate products and services to engage the Myanmar marketplace.”
Even though Myanmar is still a very nascent market for tech innovation, things are happening fast. In fact, it is expected to become a middle-income country by 2030, according to Asian Development Bank. 2C2P is an Echelon alumni, having exhibited in 2010, before raising it’s Series A Investment from Digital Media Partners at the end of 2011. The payments company currently has physical presences in eight countries in Asia.