Welcome to the Myanmar Oriental Bank’s Annual Report for the fiscal year 2020-2021. Myanmar Oriental Bank was established 28 years ago. Since the start of the global Covid-19 pandemic, MOB has been relatively stable.
The third wave of Covid-19 has severely impacted the bank as we witnessed the loss a shareholder, employees, and their family members. In addition to these epidemics, the political and economic crisis at hand has challenged the banking industry. However, the banking industry must meet the public needs and ensure business continuity while keeping our employees safe from the pandemic.
During the Second Wave and Third Wave of the Covid-19 outbreak, MOB initiated the work rotation system, introducing Flexi-Working Hours and abolishing leave system as part of our greater effort to provide flexibility and supportive work environment for our employees to better manage their work-life effectively under the guidance of the Central Bank. As a result, the bank can resume normal operations after bank-wide vaccination program.
For the fiscal year 2020-2021, almost all banks have observed a decrease in deposits and an increase in cash withdrawals. So, there has been a significant decline in our cash positions. In April 2021, the banks in Myanmar launched the Special Deposit Service, aimed to provide cash transaction services.
MOB has initiated the Online Token System, to allow depositors to withdraw cash as stipulated by the Central Bank limits. In addition to domestic remittance services, we also provide foreign exchange remittances and foreign exchange services to generate bank revenue through the provision of services in accordance with Central Bank of Myanmar regulations. All services are operated by 47 banks in MOB. ATM services are available at all branches 24/7 with cash replenished, while ATMs are suspended in public areas due to Covid-19.
One of our key achievements this financial year is the commencement of strategic partnership with Dai-ichi Life Insurance Myanmar, which is currently licensed as a Corporate Agent by the Central Bank and the Financial Institution Regulation Department (FIRD). The bank will be able to provide referrals to Financial Advisors to help safeguard their future. Through Dai-ichi, the bank has started to cultivate an active sales culture, building on meaningful relationships with our customers.
Concurrently, we are also targeting to implement ISO standards in IT security, to ensure the safe storage of bank customers’ information. In addition, we have onboarded Siron KYC Software to screen for anti-money laundering and combating financial terrorism under the direction of the Central Bank of Myanmar. The Mobile Banking App is also set to launch later this month for the Digital Banking Platform.
Finally, I also appreciate the Central Bank of Myanmar’s guidance and support, as well as our shareholders, Board of Directors, business strategic partners. Special thanks to all the loyal bank customers and all employees for their confidence in us and our commitment to continuously deliver MOB’s mission and vision.
Wishing you all the happiness and health in the upcoming year