Singaporean firms seek cooperation to invest in Myanmar’s ICT sector

Seven Singaporean companies in the information and communications technology sector are in discussions with local counterparts to seek cooperation to invest in Myanmar’s ICT sector, according to the Infocomm Development Authority of Singapore (IDA).

Leading Singaporean firms 2C2P, ChainWorld Communication Technology, Converged Solutions, ERS Industries, Singapore Telecommunications Ltd, ST Electronics (Training & Simulation Systems), and V3 TeleTech have flocked to Myanmar to establish a long-term collaboration with the Southeast Asian country to develop and expand its ICT sector.

The delegation of these firms was led by the Infocomm Development Authority of Singapore(IDA) at the third International Myanmar ICT Exhibition, held at Tatmadaw Hall in Yangon from October 17-19. The exhibition was intended as a platform for ICT companies to explore business opportunities in Myanmar. Global, regional, and local ICT companies came together to showcase their products and exchange knowledge and expertise.

“The delegation include(d) companies covering solutions for key economic sectors and cloud-based innovation for businesses. Two companies in the delegation, ST Electronics and 2C2P, have already forged collaboration agreements with Myanmar companies with the support of IDA and will look to build on their progress in the market,” an IDA spokesperson said on Friday.

The delegation exhibited under the Infocomm Singapore pavilion, where meetings between the Singapore ICT companies and relevant stakeholders were facilitated to discuss the Myanmar ICT landscape and potential partnerships, as well as a networking session with the local business sector.

“The IDA firmly believes in Myanmar’s growth prospects and is happy to help find ways to support the development of Myanmar’s ICT services as an enabler for economic growth,” said Steve Leonard, executive deputy chairman of the IDA. “The IDA has a great deal of experience in the Singapore ICT sector to share at this forum, and we also want to help Singapore ICT companies explore and develop partnerships to participate in the growth opportunities of Myanmar.”

ST Electronics, a leading provider of simulation, edutainment, training services and solutions, will work closely with its local counterpart, the Nay Kyel Oo Group of Companies, to offer innovative educational and edutainment solutions to Myanmar.

“Leveraging our eLearning solutions and our partner’s marketing network, we aim to develop a market for educational and edutainment systems in Myanmar which will eventually benefit Myanmar’s youths,” said Jeremy Foo, senior vice president and general manager of the firm.

The firm 2C2P (stands for Cash and Card Payment Processor), a comprehensive payment solutions provider focused on transforming millions of everyday payments in the Asia Pacific region, was keen to share its unique understanding of Southeast Asia e-commerce payment needs at the exhibition.

“We are establishing partnerships with Myanmar financial institutions and we hope to expand our support for the sector in the coming years,” said Aung Kyaw Moe, founder and chief executive of 2C2P.

With a population of more than 60 million, Myanmar’s IT market stood at US $110.51 million (Ks 107.52 billion) in 2011 and is expected to reach $233.556 million by 2016, achieving a double-digit compound annual growth rate (CAGR) of 16.1 percent, according to International Data Corporation (IDC) estimates. Due to their population density, Yangon and Mandalay are the two leading IT hubs, as both market-entry and consumption destinations in the next few years.

Source: ELEVEN Myanmar

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