CBM brings real-time settlement to banks

Myanmar’s banking system has taken another step toward modernisation, courtesy of the Central Bank’s new clearing and settlement system, which will make an “immense difference” to lenders’ day-to-day operations, bankers said. The long-awaited system – built with the help of the Japan International Cooperation Agency (JICA) – went live on January 6, according to an […]

Central Bank of Myanmar plans first real-time payments system

The Central Bank of Myanmar (CBM) plans to introduce a real-time gross settlement (RTGS) system by the end of 2015. Deputy governor Winston Set Aung says the country’s first ever RTGS will help to reduce the size of the cash economy, as the system will allow transfers between banks to be settled immediately. An unnamed […]

Myanmar Payment Union Forms Public Company

RANGOON — Burma’s sole domestic provider of card-based payments, Myanmar Payment Union, has formed a public company comprised of its 23 member banks, according to the organization’s chief executive officer Zaw Lin Htut. Myanmar Payment Union (MPU) had planned to form a public company in 2014 and Burma’s Directorate of Investment and Companies Administration gave […]