JICA Awards Contract for Study on Modernizing Myanmar's Financial Technology Infrastructure

A consortium consisting of Daiwa Institute of Research Ltd., NTT DATA Corporation and Fujitsu Limited has been awarded the contract to conduct a study on modernizing Myanmar's financial information and communication technology (ICT) systems by the Japan International Cooperation Agency (JICA).

Under the leadership of President U Thein Sein, the Republic of the Union of Myanmar is pursuing reforms to its political system, economy, and society. It is also encouraging investment and the development of a market economy. Indeed, the country is expected to take significant steps toward economic development in the near future.

To this end, modernizing the country's financial technology is a critical priority. In modern financial markets, ICT systems are an essential part of fundamental infrastructure, and will thus be necessary to support the operation of the Myanmar's central bank, state-owned banks, commercial banks, the interbank network, the stock exchange, and securities firms.

The study will analyze the current situation and propose an overall design for the financial ICT sector along with a roadmap for future development.

Based on the results, we, in cooperation with JICA, will support the development of a financial ICT system tailored to Myanmar's needs.