January 18, 2016
The handing over ceremony for the Project for Development of ICT System for Central Banking took place on 18 January 2016 (Monday) at Yangon Branch of CBM in Yangon.
The ceremony was attended by H.E. U Set Aung, Deputy Governor of Central Bank of Myanmar, U Kyi Shein, U Maw Than, U Kyaw Min Tun, U Than Aung Yin and Dr. Hla Maung, Central Bank of Myanmar's Board of Directors, H.E. Mr. Tateshi HIGUCHI, Ambassador of Embassy of Japan in Myanmar, Mr. Keiichiro NAKAZAWA, Chief Representative of JICA Myanmar Office and other distinguished guests.
The said project has been supported by the Japanese ODA, and the grant agreement for the project was concluded on 25 October 2013 by CBM and Japan International Cooperation Agency (JICA) to develop the ICT system in CBM by integrating software component. The maximum grant amount is five billion one hundred million Japanese Yen (JPY5, 100,000,000).
In this project, CBM-NET (CBM Financial Network System) and CBM-OA (CBM Office Automation System) were developed to provide new payment infrastructure and prompt offices functions for CBM, to promote payment environment and Real Time Gross Settlement (RTGS) among Central Bank of Myanmar and financial institution. The CBM-NET covers fund settlement, T-bond/ T-bill settlement, collateral management for Kyat liquidity, DVP and Mechanized Clearing House. The CBM-OA applications provide office automation application and file sharing service for the CBM's Departments.
Myanmar needed to catch up with other ASEAN member states in financial sector development. Therefore, ICT system for interbank fund settlement and T-bond/T-bill settlement is one of the top priorities, as this will bring about immediate benefits to the financial institutions.
This ICT system brings about great improvement in business operation environment at CBM. Furthermore, the adoption of this ICT system will bring valuable benefits to not only financial institutions but also financial industry, government authorities, economy and society development in line with the Central Bank's payment objective.
Central Bank of Myanmar and Japan International Cooperation Agency