Sberbank has finalized the setup for a direct payment mechanism with Myanmar, eliminating the need for intermediary banks in third countries. This infrastructure is designed to support large-scale government contracts and trade flows between the two nations.
The bank signed a formal agreement with the Ministry of Planning and Finance of the Republic of the Union of Myanmar. The partnership covers direct settlements, the development of digital financial technologies, and the exchange of regulatory expertise.
The bank's Indian branch serves as the central hub for this payment scheme. It enables transactions in Indian rupees, connecting Myanmar with markets in Russia, Belarus, and CIS countries. This setup aims to reduce transaction times and currency risks for businesses.
The initiative focuses on comprehensive service for cross-border trade. The infrastructure will facilitate payments for energy resources, air navigation services, agricultural exports and imports, fertilizers, and machinery products.
