Published Date: July 25, 2018
Bangalore, India and Yangon, Myanmar – July 25, 2018: Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NYSE: INFY), and Ayeyarwaddy Farmers Development Bank, widely known as A Bank, a leading commercial bank in Myanmar, today announced the bank’s decision to adopt the Finacle solution suite to power the bank’s digital transformation. With Finacle, the bank aims to drive growth and innovation through state–of-the-art banking services and an enriched product portfolio.
ACE Data Systems Ltd, Finacle’s business partner in Myanmar, will play an integral part in implementing the solution stack at A Bank Ltd. With their experience in implementing Finacle and in-depth understanding of local banking practices, they will help ensure an accelerated delivery.
U Ye Myat Soe, Managing Director, A Bank Ltd., said, “At A bank, we are committed to delivering innovative products and services to our customers, and maintaining a high level of service quality and convenience. We recognize today’s challenges and opportunities, and our collaboration with a leading technology expert like Infosys Finacle is essential for us to stay ahead of the curve in Myanmar. We selected Infosys Finacle for their strong solution credentials, proven track record and experience of working with leading financial institutions across the world. We believe that the adoption of the Finacle suite of solutions will support us in delivering a world-class banking experience to our customers.”
Sanat Rao, Chief Business Officer and Global Head, Infosys Finacle, said, “The banking industry in Myanmar is witnessing rapid growth with the economy opening up. Banks are showing a strong appetite for expansion and at this stage, a modern banking technology platform is critical to help Myanmar banks drive growth. We are delighted that A Bank has chosen Infosys Finacle to power its digital transformation. With the Finacle suite of solutions, A Bank will be able to integrate various channels, effortlessly develop and launch new offerings, create new lines of revenue, and work with greater efficiencies, which is in-line with the bank’s long-term growth.”
Mr. Zaw Moe Thant, Chief Executive Officer, ACE Data Systems Ltd., said, “We are delighted to partner with Infosys Finacle and are strongly committed to ensuring that A bank attains its business objectives of growth and business agility. We will continue to invest and innovate to drive efficiencies for our technology partners and clients in the region.”
Finacle is the industry-leading digital banking solution suite from EdgeVerve Systems, a wholly owned product subsidiary of Infosys. Finacle helps traditional and emerging financial institutions drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insights–driven interactions and ubiquitous automation. Today, banks in over 100 countries rely on Finacle to service more than a billion consumers and 1.3 billion accounts. Finacle solutions address the core banking, omnichannel banking, payments, treasury, origination, liquidity management, Islamic banking, wealth management, analytics, artificial intelligence, and blockchain requirements of financial institutions to drive business excellence. An assessment of the top 1250 banks in the world reveals that institutions powered by the Finacle Core Banking solution, on average, enjoy 7.2% points lower costs-to-income ratio than others.
To know more, visit www.finacle.com.
Certain statements in this release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2018. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that the date of this press release is mentioned at the beginning of the release, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.