PANO - FPT Corporation has been selected by the Myanmar Payment Union (MPU) as the main investor of Myanmar’s national financial switching system. The cooperation between FPT and MPU is conducted on the interest-sharing basis.

As outlined in the Memorandum of Understanding (MoU) signed between FPT and MPU on July 31st, FPT will offer MPU a 10-year lease on the system and get some percentage of charges on electronic transactions.

The MoU signing ceremony. Photo: FPT

FPT Information System, an affiliate of the FPT Corporation, is the one to directly implement this project. In the immediate terms, there will be 24 out of 40 local financial organizations to be connected to the system and the number is likely to increase.

At present, Myanmar has a 55-million-people population with 2,000 active ATMs and POSs and nearly 2 million ATM cards of all kinds nationwide. However, 95% of the transactions are still made in cash. Therefore, the national financial switching system when put into operation will help Myanmar speed up the conversion of the country’s traditional cash transaction system into a non-cash payment system.

The strategic partner of FPT in this project is the National Payment Corporation of Vietnam (NAPAS). With more than 10 years of experience in providing service, NAPAS will provide consultancy on policies and payment expertise for Myanmar.

FPT is a group highly experienced in helping switch financial systems. Its customers include the Vietnam National Financial Switching Joint-Stock Company (Banknetvn), the Bank for Foreign Trade of Vietnam (Vietcombank), the Bank for Investment and Development of Vietnam (BIDV) and Sai gon Thuong Tin Commercial Joint Stock Bank (Sacombank).

Source: VnExpress

Translated by Chung Anh