Published Date: May 21, 2019
Bengaluru and Yangon – May 21, 2019: Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys (NYSE: INFY), and Global Treasure Bank (GTB), a leading Commercial Bank in Myanmar, today announced the successful implementation of the Finacle Core Banking solution at the Bank. GTB now leverages Finacle’s proven platform to power its retail and corporate operations across 163 branches across the country, engaging its customers with a truly digital banking experience and an enriched product and services portfolio.
U KoKo Aung, CEO, Global Treasure Bank, said, “For over two decades, GTB has stayed true to our mission of comprehensive economic development of Myanmar through reliable, inclusive and convenient banking services. Today, to continue to abide by this commitment in an increasingly complex regulatory and competitive environment, we felt the need for a modern platform to power our banking strategy. We believe our investment in Finacle’s industry leading platform, will help deepen our customer relationships through scalable, innovative and contextual banking experience.”
Venkatramana Gosavi, Senior Vice President & Global Head of Sales, Infosys Finacle, said, “The Myanmar Banking industry is amidst a transformation, requiring rapid technology advancements to keep pace with policy reforms and changing customer expectations to compete in a global playing field. With Finacle, GTB has gained a strong foundation to boost agility and efficiency of operations, and significantly improve customer experience across channels. We are pleased to expand our presence in Myanmar to become the preferred banking solution provider and leverage our rich experience across 100 countries, to support the Myanmar banking industry’s modernization journey.”
ACE Data Systems Ltd, Finacle’s business partner in Myanmar, played an integral role in the solution’s implementation process. With vast experience in implementing Finacle and an in-depth understanding of local banking practices, they ensured completion of the project within stipulated timeliness.
Mr. Zaw Moe Thant, Chief Executive Officer, ACE Data Systems Ltd., said, “The Myanmar banking industry is in an era of increasing regulatory reforms and increasing competition from foreign players. Technological transformation is essential for Myanmar banks to compete and innovate in the contemporary, international banking landscape. The modern banking platform at GTB provides the bedrock on which GTB can reimagine customers experience, re-shape operating models and reduce cost-to income ratios. We are delighted to support GTB in the deployment of the industry’s leading core banking solution.”
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.
Certain statements mentioned 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, 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, data privacy breaches or cyber security incidents, 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. 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.
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