GRG Banking and its Myanmar software partner MIT signed an exclusive partnership agreement for developing Myanmar's national financial switching, as well as bankcard and payment card systems, according to a press release.
The project, Myanmar Payment Union, has been approved by the Ministry of Finance and will be led by the Payment Committee of the Central Bank of Myanmar. Other partners with MIT in the project include Ingenico, Stratus, New Edge and Access Spectrum.
The MPU project will build a national financial switching system interconnecting all ATMs and point of sale systems, thereby making MPU Myanmar's only official national financial switching network. Currently, Myanmar doesn’t have any kind of financial switching or card payment network.
“We are very honored with this opportunity to be part of this very significant milestone of Myanmar’s financial industry,” said Dr. Eduardas Vaigauskas, general manager of GRG’s overseas market subsidiary GRGHK.
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