The “e-Commerce Payment Platform for Digital Economy” Conference
A conference named “e-Commerce Payment Platform for Digital Economy” was held at the Union of Myanmar federation of Chambers of Commerce and Industry (UMFCCI) Office, Min Ye Kyaw Swar Road, Lanmadaw Township, Yangon, on 15 March, 2019.The Vice President of Myanmar also attended the conference, giving an opening speech that the “e-Commerce Payment Platform for Digital Economy” Conference facilitates the overall development of the country as digital economy also encourages the successful implementation of National Export Strategy.
Photo Source- https://www.facebook.com/UMFCCI/photos/a.397698120371034/1395417337265769/?type=3&theater
The panelists included Mr. Jeffery GOH, the CEO of NETS Group, Singapore, Dr. Tun Thura Thet, the Vice President of MCF & Central, U Nyi Nyein Aye, the CEO of Thitsa Works Company and U Myo Khine Win from Department of Trade, Mr. Brad Jones from Wave Money, U Zaw Lin Aung from KBZ Pay, U Zaw Zin Htut from MPU, and Mr. David Woo from NETS, Singapore.
At the conference, Mr. Jeffery GOH, the CEO of NETS Group, Singapore, shared about digital payment experiences, the evolution of Singapore’s payment systems, customers’ points of view on modern payment systems, common payment methods in Singapore, and the upcoming trends of Singapore’s payment systems. Then, he listened to the audience’s opinions and concerns, and answered their questions.
U Zaw Min Win, the President of UMFCCI, Myanmar, stated that UMFCCI has formed an e-Commerce Association in 2018 and established a Private-Public Partnership in order to develop the digital economy in Myanmar.
Photo Source- https://www.facebook.com/UMFCCI/photos/a.397698120371034/1395416667265836/?type=3&theater
Dr. Tun Thura Thet, Vice President of Myanmar Computer Federation and Executive Committee member of UMFCCI stressed the importance of the cooperation of Financial Institutions and all other businesses to overcome the challenges of online payment practices.
Next, the conference pointed out the complicated steps in e-commerce that hinder practicing the digital payment systems, the need for better access to digital technologies, digital safety and people’s trust in digital transactions as common challenges to launch a Digital Economy.
Furthermore, Dr. Tun Thura Thet introduced the plans for implementing Myanmar QR Code Standard, and future development of Myanmar’s payment systems, from cash to card payment, QR code, Biometric, and Smart Contract, etc.
Photo Source- Myanmar Tech Press
Then, the discussion continued to mention the possibilities of developing e-Commerce Payment Platforms in Myanmar, challenges and implementation plans. As a first step to successfully establish a digital economy in Myanmar, the panelists claimed that it is crucial to reduce the digital gap within the country by making sure that everyone is accessible to digital technologies, and the panelists also encouraged the citizens to widely practice the digital payment systems.
Myanmar has an estimated population of 50 million, however, it is discovered that, compared to the total population, only a few citizens have opened a bank account and are using financial services.
