Message from the Chairman
Dear esteemed shareholders and friends
Our bank established on 15th February in 1996 under the name of Myanma Livestock and Fishery Bank has already marked the 29th anniversary, and we are offering banking services to facilitate our customers with 177 branch banks, 170 being big ones whereas only the remaining 7, the smaller ones. Nevertheless, only 143 branch banks are operational with the remaining 34 being temporarily shut down in Sagaing Region, Rakhine State, Shan State, Kayin State, Kayah State and Taninthayi Region for security reasons. GTB has been exerting its utmost effort to facilitate banking services for the customers and clients. It is made known to all people that GTB has managed well not to lose the money and property of the branches during the emergency period.
GTB has made all arrangements to eliminate the phrase ‘denial of withdrawal’, holding the motto, “GTB shall be at the disposal of the customers.” The Global Treasure Bank has consistently been strictly abiding by the rules and regulations of the Financial Institutions Law (2016), Anti-Money Laundering Law (2015), Counter-Terrorism Law (2015) and Myanmar Companies Law(2017).GTB has amended and added to its Constitution (Memorandum of Association & Article of Association), and sought approval at the 24th Annual General Meeting held on 27th December in 2019. Since then, GTB has been carrying out activities according to this Constitution. The Board of Directors was formed with (14) directors with two of them being independent directors in accordance with Section (73) of Chapter 10 of the Financial Institutions Law 2016. And under Section (75), the Board of Directors (BoD) has formed five working committees. The BoD is regularly holding the monthly meetings at which matters relating to the banking strategies, financial strength and risk management as well as compliance with the prescribed rules and regulations are discussed.
GTB is engaged in foreign banking activities with the authorized dealer license granted by the Central Bank of Myanmar by opening Nostro Account with five correspondent banks and establishing RMA with six foreign banks. GTB is carrying out export/import services, bank guarantee service, trade financing and cross border businesses. GTB is cooperating with the Western Union through which the business of remittance is being done with customers from over (200) countries. Currently, contact is being made with Punjab National Bank from India to be able to carry out India-Myanmar cross border activities. In this regard, Special Rupee Vostro Account (SRVA) has already been opened.To facilitate POS payments and online payments, GTB UnionPay Single Brand Credit Cards were issued in-house for use at hotels, supermarkets and the Victoria Hospital. Remittance can be made via internet banking/ mobile banking as well as via mobile phone for those who do not have an account with the bank. In that case, the Citizenship Scrutiny Certificate number is needed to provide. In addition to remittance on-line, the phone bills can be topped up. Moreover, 24/7 service is being offered to check the balance of the account as well as the details of the transactions.
Additionally, the GTB Mobile Wallet (GTB Pay, GTB Agent) is available for digital banking services like transfer between GTB Pay Accounts, linking GTB Pay to bank account, doing Wallet Cash in from MPU Cards from other banks and GTB Agents, doing physical Cash withdraw through authorize GTB agents, paying in the electric meter bills, topping up the phone bills and other Bill Payments. Furthermore, Merchant Acceptance measures are being taken to be able to use the GTB Pay at Supermarkets and shops. Additionally, contact is being made with True Money Myanmar for Myanmar migrant workers to remit to their families. With the Objective of upgrading the banking activities to be able to keep abreast of the world, the Finacle Core Banking System was launched on 19th November in 2018. The Department of Information & Technology has been continually conducting technological training courses to upgrade the staff, enable them to operate skillfully the machines and apparatuses and develop performance. Regarding the Data Center, GTB has already built a Disaster Recovery Data Center to prevent the loss of banking data and the customer data. The recovery center is purchasing machines and installing them. The MIS reporting system implemented with the supervision of the Central Bank of Myanmar was begun on 3rd February of 2023 whereas the CBM Net System was launched on 16th November in 2023 by GTB.
During the outbreak of Covid-19 pandemic, the GTB was faced with the issue of bank run -i.e. demanding for withdrawal of the deposits across the nation simultaneously – like all other banks. To be able to attract more deposits, GTB has developed special promotion arrangements like Anniversary Special Call Deposit Promotion as well as Anniversary Special Fixed Deposit Promotion. Again, GTB has extended the term of deposits, offering a higher rate of interest to the clients. As the account holders can withdraw their deposits any time, GTB has won the trust of the customers and clients, resulting in reasonable increase in deposits. Concerning the Corporate Social Responsibility (CSR), GTB has formed Treasure Heart, which during 2023-2024 fiscal contributed fund amounting to Kyats 91.5 million for medical treatment of poverty stricken patients, philanthropist activities and religious affairs. The donation amounted to Kyats 772.8 million as of the period under report. For personal development of the staff, GTB has invariably been conducting on-job training courses, sending than to off-site training courses to upgrade their skills and update their knowledge. When it comes to performance of banking services, GTB is keeping the skeleton staff, ridding the organizational hierarchy of unnecessary layers, sticking to the rules of lean management. We are effectuating technological and monetary development, and we are strongly confident that GTB will be able to realize its motto, "Your Dream, Your Success, Global Treasure Bank". We also wish a greater success in both local and foreign banking services. With a million thanks,