Myanmar’s banking sector is moving closer to the SPFS network, Russia’s analogue to the SWIFT system for cross-border financial messaging. This shift was detailed by Maxim Reshetnikov, the Russian Minister of Economic Development, during a statement carried by TASS. The move signals a broader effort to facilitate direct, single-step payments between Myanmar and Russia, reducing reliance on intermediary routes through third countries.
According to Reshetnikov, Myanmar banks now have the possibility to settle payments directly via correspondent accounts within SPFS. This development allows for smoother trade flows and the transfer of funds without routing through additional intermediaries, potentially lowering transaction costs and settlement times for bilateral deals. He noted that the expansion of the correspondent-account network between the two countries is a key facilitator in achieving these outcomes.
Reshetnikov highlighted that the initiative supports greater freedom for businesses to buy and sell goods, enhancing the efficiency of bilateral commerce. He stressed that the reassessment and expansion of financial channels are intended to empower enterprises by broadening access to payment routes and reducing the friction traditionally associated with international trade.
As context, he recalled that a year has passed since Russia’s Trade Representative Office established a presence in Myanmar, with plans for a joint Business Council to commence operations in 2023. The minister also pointed out regular visits by Myanmar representatives to Russian business delegations, underscoring ongoing dialogue and collaboration between the two economies.
Looking forward, Reshetnikov indicated that participants from both sides will continue to identify promising sectors for cooperation. The emphasis remains on practical collaboration, aiming to align Myanmar’s export capabilities with Russia’s demand, while also exploring broader regional opportunities that SPFS connectivity could unlock for other partners in the region.
In a broader backdrop, the Russian side has highlighted ongoing assessments of how many jurisdictions are integrated with SPFS, signaling a strategic push to diversify payment rails beyond traditional channels. The dialogue around SPFS in Myanmar reflects a wider trend of central banks and ministries easing cross-border financial ties to support trade, investment, and balanced economic development across the region.
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