Published Date: December 06, 2019
Bengaluru and Yangon – December 6, 2019: Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NYSE: INFY) and Glory Farmer Development Bank Limited (G Bank), a Private Bank in Myanmar, today announced the selection of the Finacle Digital Banking solution suite to transform the bank’s retail banking business. Finacle will help G Bank leapfrog to emerge as a modern banking organization, allowing it to engage its customers with a truly digital banking experience.
With the new Finacle solution suite, G Bank will achieve considerable automation in front and back-office operations. With actionable customer insights, APIs driven architecture and componentized yet integrated solution, the bank will be empowered with an advanced platform to power its growth strategy. The in-built product factory will enable the bank to rapidly launch new product offerings in response to emerging market demands, while the workflow engines will ensure more control and significant improvement across operations.
ACE Data Systems Ltd., a Finacle business partner in Myanmar, will play an integral part in implementing the solution stack at G Bank. With their in-depth understanding of local banking practices and experience in implementing Finacle, they will support an efficient and accelerated delivery.
Daw Hnin Thidar Ko, CIO, G Bank, said, “G Bank, established in 2018 is aiming to support comprehensive economic development in Myanmar through reliable, inclusive and convenient banking services. To power our mission and our growth strategy in the coming years, in an increasingly competitive environment, we felt the need for a modern platform. With its growing deployment base in Myanmar, including some of the largest banks, Finacle is a proven solution for our needs. We are confident that it will be able to support our growth aspiration by improving efficiencies, and provide the best possible banking experience for our customers.”
Venkatramana Gosavi, Senior Vice President & Global Head of Sales, Infosys Finacle, said, “It is my pleasure to welcome G Bank to the growing family of banks in Myanmar powered by the industry leading Infosys Finacle solution suite. With Finacle, G-bank has the advantage of leap-frogging to a modern operating model to power innovation driven growth. The bank will be able to leverage Finacle’s flexibility and openness to lead with differentiated and tailored offerings in the market. Extensive automation across business processes will enable the bank to drive operational excellence, while enhancing the customer experience.”
Mr. Zaw Moe Thant, Chief Executive Officer, ACE Data Systems Ltd., said, “Adopting the latest in banking technology is essential for Myanmar banks to compete and innovate in the contemporary, international banking landscape. A modern banking platform at G Bank provides the bedrock on which the bank can build its growth plan. We are delighted to support G Bank in the deployment of the industry’s leading core banking solution ensuring that they attain their business objectives of growth and agility.”
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 is consistently rated as a leader in the market by leading industry analysts and is proven to be the most scalable banking platform globally.
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. These solution are available for on-premise deployments or as cloud hosted banking platforms. Finacle has over 500 client deployments across financial institutions of all sizes. The solution’s componentized structure and enterprise-class capabilities help banks boost the agility and efficiency of their operations, and significantly improve customer experience across channels. 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 mentioned in this presentation 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, 2019. 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. 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.