Vietnam, Myanmar cooperate in banking sector

Thien Thanh Sanitaryware joint company

Vietnam, Myanmar cooperate in banking sector

The Small & Medium Industrial Development Bank of Myanmar (SMIDB) and the Bank for Investment and Development of Vietnam (BIDV) will boost their technical cooperation on banking operations, according to The New Light of Myanmar newspaper published on October 2.

Under the BIDV technical assistance programme, the two banks exchanged specialists in June and September 2014 with a focus on applying a basic banking service system to SMIDB products and services in a bid to modernise that information technology (IT) used for routine banking operations.

BIDV also offered an interest-free loan programme worth 3-4 million USD to upgrade SMIDB’s corebanking operations, a banking service that uses a network of bank branches to enable customers to access their bank accounts and perform basic transactions at any branch location.

Furthermore, a number of additional exchange programmes to increase capacity and transfer technology between the two banks will also be carried out.