The Central Bank of Myanmar (CBM) implemented phase 2 of the Myanmar Financial Network System (CBM-NET) in Myanmar

The Central Bank of Myanmar is now implementing phase 2 of the Myanmar Financial Network System (CBM-NET), which will include building the infrastructure necessary to support the system.

CBM-NET is a mobile payment system that will cover the whole country, and it will include integrated services by local banks.

“We are working on the system, which will allow us to connect the networks from local banks such as KBZ Pay and AYA Pay. We are hoping to complete the system and launch it later this year,” said Daw Myint Myint Kyi, Director General of the Central Bank of Myanmar. 

CBM-NET entered a design and planning phase in 2016. The CBM-NET guidebook states that CBM-NET is a computer network that transmits and processes transfer instructions. It links the Central Bank’s computer centre, its head office/branches, and the system’s Participants. The CBM-NET comprises two systems: a system for funds transfers and a system for the custody and settlement of Government and central bank securities.

The Central Bank’s report said this plan is to make payments easier for users, and to provide new payment technology such as QR code payment capability. Most cell phones can scan a QR code by simply opening the camera app and pointing it at the code.

CBM-NET is being developed by the Project for Modernizing Funds Payment Securities Settle System; it is a technical cooperation project for the development of Information Communications Technology for Central Bank. It is being implemented by JICA’s grant aid in accordance with an agreement between the Myanmar and Japanese governments.

At present, many in the country are using mobile payment providers such as Wave Money, M-Pitsan, WeChat Pay or similar services. Telecom operators such as Telenor and Ooredoo also have their own mobile payment service, ten other local banks are also providing similar services.

(Myanmar Business Today: https://www.mmbiztoday.com/articles/central-bank-starts-implementing-phase-2-cbm-net-system )

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