NETS Group Singapore has signed a Memorandum of Understanding (MoU) with Myanmar’s national payment network

Singapore’s NETS Group has inked a collaboration with Myanmar’s national payment network to co-develop Myanmar’s QR payment technology. The collaboration will start off with the establishment of the joint Payment Technology Exchange & Development Programme.

Under the program, NETS Group will share the SGQR Central Repository technical expertise with Myanmar Payment Union (MPU) with a purpose of implementing a similar platform in the country.

SGQR or Singapore Quick Response Code was launched in September 2018 by the Monetary Authority of Singapore and the Infocomm Media Development Authority. It is a payment system that combines multiple QR payment codes such as PayNow and NETS into a single QR code.

With this approach of QR codes, merchants only need to display a single SGQR label instead of having multiple QR codes, which would help cutting clutter on the storefront and to enable quicker payments processing.

The NETS Group owns and operates the SGQR Central Repository platform which provides an on-boarding solution to enable these multiple QR codes from different payment schemes to be consolidated under a single SGQR label.

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“Myanmar’s financial services sector is at the cusp of accelerated growth as a result of the government’s recent liberalisation of the banking industry. As MPU rolls out its innovative services to help grow the financial services sector into a key pillar of their economy, we are pleased to be a part of it,” said Jeffrey Goh, NETS Group CEO.

Zaw Lin Htut, CEO of MPU said: “The QR code payment technology is the best way to make easier payment and a convenient way to access the financial services for the people, especially unbanked, in Myanmar and we are very pleased to work with the NETS Group who is considered a leading payment service provider in Singapore.”
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Image Credit: NETS Group

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