FPT Corporation has been selected by Myanmar Payment Union (MPU) as the prime investor to implement a national financial switching system, the company said Monday.
The entire financial switching system will be funded and implemented by FPT in a year. Currently, over 95 percent of transactions are still made in cash.
FPT will offer MPU a 10-year lease on the system and generate income from the charges on electronic transactions. Of 40 local financial organizations, 24 have been connected to MPU.
The new payment system will be implemented for typical banking services such as ATM, POS, E-Commerce, value-added services for mobile devices, EMV and electronic billing.
“Under this project, FPT in association with its partners will assist MPU and the Myanmar government to speed up the modernization of the country’s payment system,” said FPT Information System CEO Pham Minh Tuan.
In Vietnam, FPT has implemented switching financial systems for many customers, including Vietnam National Financial Switching Joint-Stock Company (Banknetvn), Vietcombank, BIDV and Sacombank.