FPT IS operates the Myanmar National Financial Switching System

After 2 years of investment in construction and operation, FPT IS has officially operated the Myanmar National Financial Switching System project for Myanmar Payment Union (MPU).

Accordingly, from now until the end of 2019, all banks in the Myanmar banking system will connect to the FPT IS system and officially close the old system. It is expected that in the coming time, FPT IS will continue to upgrade the MPU's new features in the next phases.

Building and operating team of the financial switching system in Myanmar

FPT IS will lease the system to MPU for 10 years and will profit percentages of the fees charged on electronic transactions. This project is a major and significant change for at least 23 Myanmar banks, network operators and e-commerce service companies. This number will continue to increase in the coming time.

Myanmar has 55 million people with 4,000 ATMs, more than 10,000 points of POS and about 4 million ATM cards of all kinds. However, over 90% of transactions are still using cash. Therefore, the operation of this national financial switching system will help Myanmar accelerate the transition from traditional cash transactions to non-cash ones.

The system will serve as a gateway for banks, telecommunications companies, e-commerce and value-added services to help modernize their non-cash payments. This helps Myanmar catch up with the development of financial technology with other countries in the region and the world.

Accordingly, the typical services of the banking industry such as ATM services, POS payment services, E-Commerce, Value added services on mobile devices VAS, EMV card services, Electronic bill payment services ... will be applied on the basis of new electronic payment system.

Providing a large national financial system in Myanmar is also an important premise to open up new opportunities for FPT IS to cooperate in banking and finance field in Myanmar. Prior to that, FPT IS has successfully deployed numerous big projects such as 6 Data Center for the Ministry of Finance, the National Information Portal for the Myanmar Ministry of Communications and Information Technology, Microsoft Services for KBZ Bank, Data Center for Mytel, ERP for Myanmar's largest paint group - UPG ...