A teaming up of the Daiwa Institute of Research, NTT (News - Alert) Data and Fujitsu Limited has earned the three companies the important task of studying the work that would need to be done in order to modernize Myanmar's Financial Information and Communication technology (ICT). The contract that awarded the study was handed out by the Japan International Cooperation Agency (JICA). There is no telling just how long or how truly costly the study will be, but there seems to be an almost uniform agreement throughout the region that Myanmar badly needs some form of modernization of its ICT systems if it wants to compete on a global scale.
President U Thein Sein is leading Myanmar’s charge towards reforms in almost anything that the government has a hand in. Sein is leading a reformation of the country's political system, its economy and its society in general. Myanmar is also starting to encourage investment and the development of a market system. The country is trying its best to actually be a player in global markets, rather than just the observer they have been up until now.
Myanmar knows that one of the only ways they are ever really going to be a player is to update its ICT systems. ICT systems are well known as an incredibly important part of any fundamental infrastructure, and will be necessary to support the operation of the Myanmar's central bank, state-owned banks, commercial banks, the interbank network, the stock exchange, and securities firms. With a modern ICT system in place, there really isn't a point for the country to undertake any other changes. In a very real sense, having a modernized ICT system should be the first step towards any other goals.
That is why this particular study is so important for the country and for the region in general. By entrusting the study to Daiwa, NTT and Fujitsu (News - Alert), JICA is hoping that these top of their field entities will be able to come back with information that can be acted on right away. Should the results merit it, the team, along with JICA, will help support the modernization process.
Edited by Jennifer Russell
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