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Panama's cabinet has approved a draft decree for the implementation of a new integrated IT system, called SIGA, for the national customs authority, the government said on its website.
The new initiative looks to bring the national customs service up to global quality and efficiency standards by using automated systems for information exchange.
The project's approval provides the legal framework for operating the new computer system, which will replace the SICE integrated foreign trade system.
The national customs authority will be in charge of managing the SIGA system and establishing its launch date.
The amount invested in the system was not revealed.
Panama's cabinet has also authorized local savings bank Caja de Ahorros to run an upgrade project for its core banking application, IBS, the government said on its website.
The initiative includes upgrading the system to version 7.1, from the current 4.7 version, dating back to June 2000.
The amount to be invested in the initiative was not disclosed.
The upgrade will look to provide the bank with a web-based and more user friendly environment for partners and clients. It is part of the bank's 2009-14 strategy, aimed at supporting the growth of the branch network and ATMs, and updating the online banking system.
The upgraded core banking application, along with an update of the bank's ERP platform, is expected to improve response times in processing loans, monitoring transactions and client service, among other things.