NETS inks deal with Myanmar Payment Union

The parties will co-develop a QR payment platform in Myanmar.

Payment services NETS Group has signed a memorandum of understanding (MOU) with Myanmar’s national payment network to establish a Payment Technology Exchange & Development Programme, an announcement revealed.

The first project under the programme will see NETS sharing its technical and operational knowledge around the Singapore Quick Response (SGQR) Central Repository platform with MPU, with a view to implementing a similar platform in Myanmar.

Launched in September 2018 by the Monetary Authority of Singapore and the Infocomm Media Development Authority, the SGQR is said to be the world’s first unified payment system for QR codes that combines multiple QR payment codes such as PayNow and NETS QR into a single QR code. With the consolidation of QR codes, merchants only need to display a single SGQR label instead of having multiple QR codes, cutting clutter on the store front and enabling quicker payments processing.

Myanmar’s digital payment has gradually developed with the explosive growth of mobile and internet penetration that had a major impact on its financial services sector, according to Zaw Lin Htut, CEO of MPU.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia