DAW Than Than Swe, the Governor of the Central Bank of Myanmar, had a fruitful meeting with Ms Elvira Nabiullina, Chair of the Bank of Russia, during her participation in the 26th St Petersburg International Economic Forum.
The discussion revolved around capacity-building initiatives and financial cooperation, with a particular focus on utilizing local currencies, establishing contact banks within commercial banks of both countries to bolster economic collaboration, and facilitating mutual payments through the integration of payment cards.
At the forum, Governor Daw Than Than Swe highlighted Myanmar’s progress in digital payment development, including QR Code Payment transactions, prerequisites for enhancing digital payments in cross-border transactions, and ongoing implementations. Her presentation, titled “Russia – Asia, IS the World Going Digital?”, shed light on the current state of Myanmar’s digital payment landscape.
Notably, on 17 February, 2023, an important memorandum of understanding (MoU) was signed between the Myanmar Payment Union (MPU) and the National Payment Card System (NSPK) of Russia. Building upon this agreement, on 15 June, during the 26th St Petersburg International Economic Forum, U Min Wint Oo, the Chief Executive Officer of Myanmar Payment Union (MPU), and Vladimir Komlev, the Chairman of the Management Board and Chief Executive Officer of the National Payment Card System (NSPK), signed the Payment Systems Interaction Agreement for the MPU-NSPK Project.
This significant milestone aims to enhance digital payment solutions in the tourism sector between Myanmar and Russia. It is anticipated that Russian tourists will be able to utilize their cards in Myanmar before the conclusion of 2023, further promoting seamless financial transactions between the two nations.
The successful engagements at the forum signify Myanmar’s commitment to advancing its digital payment ecosystem and fostering stronger economic ties with Russia.
MNA/MKKS
#TheGlobalNewLightOfMyanmar
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