IT applications in banking urgent for Vietnamese and Myanmar firms’ cooperation

The event was an opportunity for state leaders and Vietnamese and Myanmar enterprises to discuss prospects of cooperation, in order to facilitate information technology (IT) in becoming a new developmental foundation for banking and finance in particular, and for the Myanmar economy in general.

Attending the workshop were 130 representatives who were state leaders and major enterprises in banking and finance and the IT sector of both countries.

IT is playing an increasingly essential role in all economic sectors in today’s society, especially in finance and banking. In Vietnam, IT functions such as core banking applications, retail banking systems, ATM systems and internet banking services have significantly contributed to the development of banking, which has ensured information technology’s status as the vital foundation of all banking activities.

Hoang Minh Chau, chairman of FPT Myanmar, said: “Myanmar’s banking industry is facing great opportunities for significant growth. In our endeavours to contribute to Myanmar’s development through co-operation, FPT has established company in Myanmar. I truly believe the FPT team will contribute to Myanmar banks’ success in promoting the application of information technology, which we have successfully implemented at many banks in Vietnam, Laos and Cambodia. I also hope to have the trust and confidence of Myanmar banks – in the same way we have gained trust and confidence from our many customers”.

Myanmar is said to be a new emerging economy in Southeast Asia, with many promising investment opportunities for foreign enterprises. According to a recent report by the International Monetary Fund, Myanmar has the potential to quadruple the value of its economy to $200 billion by 2030.