Myanmar people can enjoy interbank fund transfer service thanks to FPT IS

Recently, Inter Bank Fund Transfer launching ceremony for Myanmar Payment Union (MPU) deployed by FPT IS was officially operated. This is considered a big turning point as from now on all Myanmar people can transfer money from one bank to another via ATM quickly and conveniently. Most major banks, network operators and providers of power trading services in Myanmar have been connected.

The system deployed by FPT IS is a portal connecting banks, telecommunication companies, e-commerce and value-added services to help modernize the cashless payment, then making Myanmar catch up with the development of financial technology.

According to Chairman of FPT IS Duong Dung Trieu, this project is a major and most important change in the interbank service in particular and the financial switching system, promoting the cashless payment. Using Myanmar's cash in general. In the near term, FPT IS will continue to add many utilities in financial services in Myanmar such as money transfer service on Mobile and via Internet Banking; contactless payment service".

There are 55 million people, 4,000 ATMs, more than 10,000 POS terminals and about 4 million ATM cards of all kinds in Myanmar. However, before applying this system, cash was used for over 90% of transactions. Therefore, when the National Financial Switching System is put into operation, Myanmar will accelerate the transition to cashless payments.

With over 20 years in banking and financial fields in Vietnam and experience of deploying hundreds of core systems and applications for most banking services, FPT IS invested and deployed successfully the important system for Myanmar, creating a turning point for banking services.