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 official at a local lender who is working on preparing his bank for the new system.
Dubbed CBM-Net, it provides Myanmar’s financial sector with a real- time gross settlement system (RTGS) – making the once-manual process of clearing and settling payments almost entirely electronic.
Payments in Myanmar’s economy are largely cash-based, and transfers between individuals often required the physical movement of cash between branches of the same bank and the branches of different lenders. (Courtesy of Myanmar Times)
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