The Ministry of Finance has invited local and foreign companies to apply for tenders to develop core banking system and trade finance software for Myanmar Foreign Trade Bank (MFTB).
The closing date for tenders has been set for September 6 and any company interested in applying are invited to send applications to the Ministry of Finance in Nay Pyi Taw, an announcement said.
The successful company will be announced by the ministry in October, said U Kying Min, assistant director of the ministry.
“The banking system needs improved software. If foreign and local companies would like to cooperate with the MFTB for software, we would like them to inform us on time as no applications will be accepted after the closing date,” U Kying Min said.
U Than Lwin, chairman of Kanbawza (KBZ) Bank said that development of software in the banking industry is crucial if the country wants to develop its banking sector. The banks in the country have to receive technical support while also looking to increase foreign investment, he said.
“KBZ Bank uses Oracle software from the USA. Myanmar banks will benefit from joining the IT and banking sector software development process, although each bank differs with regards to which software it uses,” U Than Lwin said.