1.2 Background of the project After shifting to civilian rule and open-door policy for foreign direct investment in 2011, Myanmar has faced historical turnaround such as the regime change from the military to NLD (National League for Democracy) and the lifting of US economic sanction in 2016. In comparison with other ASEAN countries, Myanmar achieved significant economic growth (real GDP growth rate: 7.3% in 2012, 8.4% in 2013, 8.7% in 2014, 7.0% in 2015). Therefore, capital demands from domestic companies, foreign direct investment and demands of retail banking services have grown. In addition, “Economic Policy” released by the new administration in July 2016 made mention that the stability of finance and currency should be one of the most important policy challenges. Central Bank of Myanmar (hereinafter, CBM) introduced Central Bank of Myanmar Financial Network System (hereinafter, CBM-NET) in January 2016 under the Japanese official development aid “THE PROJECT FOR DEVELOPMENT OF ICT SYSTEM FOR CENTRAL BANKING” (E/N: October 2013, JPY5.1billion) (hereinafter, phase1 project). CBM-NET makes a series of manual-based operations such as the management of current account and its outstanding, issuance/interest payment/redemption of government bond and its balance into system-based ones. In addition, as a result of financial system reform, for example dematerialization of government bond and the introduction of government bond book-entry system etc., the financial infrastructure in Myanmar has been developed step by step. On the other hand, comparing to the situation when the first project preparatory survey was conducted in November 2013, the environment surrounding financial infrastructure has been widely changed along with the economic growth. The first point is the environmental changes of retail banking in Myanmar. Banking account holding rate in Myanmar is still 23% (15-year-old and above, Roland Berger survey 2016), lower than the ones of other ASEAN countries (Thailand: 78%, Malaysia: 81%, Indonesia: 36%, Vietnam: 31%, Roland Berger survey 2016). So, the rate in Myanmar has possibility to expand, in fact, the numbers of banking account have increased 10% annual basis. Furthermore, as mobile banking services using smartphone have become widespread and Fintech boom has been risen, retail 8