The Myanmar National Unity Government (NUG) has announced the launch of the Spring Development Bank neobank on the Polygon platform in order to fund the resistance against the junta that seized power in the coup.
SDB will provide banking services, facilitate currency swap and offer term deposits, savings accounts, and NFT lottery tickets in the form of Myanmar Kyat, US Dollars, Singapore Dollars and Thai Baht.
The bank’s management has committed to following the standards of both the FATF and the Basel Committee as well as providing cyber security to protect customers’ funds.
The neobank application is set to be released on July 22 in a beta version on Google Play and the App Store.
Meanwhile, the NUG Ministry of Planning, Finance and Investment is scheduling the neobank’s share offering in two stages, with the first available to SDB clients and the second to institutional investors.
