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AGD Bank, Ayeyarwady Bank to Link to Visa Payments Network

11 December 2013

Visa has announced that Burma’s Asia Green Development Bank (AGD) and Ayeyarwady Bank (AYA) will link their cash machines and point-of-sale registers to the credit card giant’s worldwide payments network. In a statement Tuesday, the US-based company said the two banks would connect their own networks across Burma to VisaNet, described as “the leading electronic payments network globally.” AGD Bank and AYA Bank are owned by Burmese tycoons Tay Za and Zaw Zaw, respectively. Although both banks remain on US sanctions lists for their ties to the former military regime, the US Treasury in February said American companies could do business with them.