Singaporean payment service provider NETS Group has struck an agreement with Myanmar Payment Union (MPU), the country’s national payment network, to launch a payment development programme.

Under the programme, NETS will look to assist Myanmar in launching a platform that mirrors the Singapore Quick Response (SGQR) Central Repository platform.

For attaining the goal, NETS will share its know-how on SGQR with Myanmar’s national payment network.

This includes both technical and operational knowledge.

MPU CEO Zaw Lin Htut 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 – a Leading Payment Service Provider in Singapore – for sharing their technical expertise and operational knowledge with us.”

Launched at the end of last year, SGQR serves as a unified payment system for QR codes.

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This eliminates the requirement to use different QR codes for different payment methods.

NETS Group CEO Jeffrey Goh said: “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.

“We are privileged to be able to share our experience and knowledge with MPU as they roll out innovative services to help grow the financial services sector into a key pillar of their economy.”