GRGBanking to develop Myanmar’s national financing switching

GRG also signed the agreement with MIT to develop the Myanmar Payment Union.

According to a release, GRG and its Myanmar's partner MIT signed an exclusive partnership agreement for developing Myanmar's national financial switching, as well as, bankcard and payment card systems named Myanmar Payment Union (MPU). The project is approved by the Ministry of Finance and led by the Payment Committee of the Central Bank of Myanmar. MIT had earlier been awarded the contract as the official exclusive technology partner of this project. Amongst other partners of MIT in this project they are, Ingenico, Stratus, New Edge and Access Spectrum.

The signing ceremony was witnessed by the Deputy Governor of Central Bank of Myanmar Mr. U Maung Maung Win, Chairman of the Payment Committee Mr. U Mya Than, Deputy Chairman the Payment Committee Ms. Than Than Swe, as well as, representatives from numerous banks and media.

The MPU project is to build a national financial switching system interconnecting all ATM & POS systems in particular of Myanmar’s banks and all payment card systems in general. MPU will be Myanmar's only official national financial switching network, working with banks in Myanmar to develop and launch card-based services enabling
cardholders to initiate transactions at anytime, anywhere in Myanmar and in the world at later phase of the project. Currently, Myanmar has no any kind of financial switching or card payment network.

The Deputy Governor Mr. U Maung Maung Win stated in his opening speech that the MPU project is a very important initiative of Myanmar government in uplifting Myanmar's financial infrastructure with latest advanced and sophisticated technology. Mr. U Maung Maung Win further said that this project also serves as an important element for Myanmar meeting the ASEAN Economic Community Blueprint by 2015. In summary, he is very pleased with the awarded contract team (MIT and its partners) for their global leading position in its own specialty field, as well as, the representation of an international team.

The Chairman of the Payment Committee, Mr. U Mya Than shared the bid process there were 8 vendors from around the world bidding for this project; in particular why the Committee had chosen MIT and its partners, a major reason was due to the advanced technology, professionalism and commitment provided by the MIT Team throughout the bidding process in past 12 months.

While GRG Regional Director of Asia Pacific Gary Soon and MIT Managing Director Tun Thura Thet both also pledged to the audience that GRG and MIT will deliver this project with their utmost effort and commitment.

“We are very honored with this opportunity to be part of this very significant milestone of Myanmar’s financial industry. This also tells GRG advanced financial solutions and technology continue to outperform at international market,” said GRG’s overseas market subsidiary GRGHK General Manager Dr. Eduardas Vaigauskas.