Yangon and Bengaluru – May 03, 2018: Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NYSE: INFY), today announced that Myawaddy Bank Ltd., a leading domestic bank in Myanmar, has selected Finacle solution suite to power the bank’s digital transformation. With Finacle, the bank aims to drive growth and innovation while achieving significant improvements in operational efficiencies. Finacle’s pre-integrated digital channels stack will enable the bank to rapidly deliver a rich and seamless digital experience to its customers.
With the Finacle core banking solution, the bank will achieve considerable automation in front and back office operations, thereby reducing manual effort and optimizing various banking processes
The new solution will provide a 360-degree view of customer relationships and transactions across the bank, thus enabling superior customer service and enhanced upsell and cross-sell opportunities
Further, the inbuilt product factory capability will enable the bank to rapidly launch new product offerings in response to emergent market demands
ACE Data Systems Ltd, Finacle’s business partner in Myanmar, will play an integral part in the solution’s implementation at Myawaddy Bank Ltd. With their experience in implementing Finacle and in-depth understanding of local banking practices, they will help ensure an accelerated delivery.
U Yu Lwin, Managing Director Myawaddy Bank Ltd. said, “At our bank, we are committed to delivering innovative products and services to our customers, and maintaining a high level of service quality and convenience. In the coming years, we believe the Myanmar economy will see strong progress and we are keen to expand our growth and presence in the country. We selected Finacle as our strategic partner for our technology transformation journey due to its strong solution credentials, proven track record and experience of working with leading financial institutions across the world. We are confident that with Finacle, our staff and customers will be well empowered to support our growth aspirations.”
Sanat Rao, Chief Business Officer, Infosys Finacle said, “The banking industry in Myanmar is witnessing rapid growth with the opening of the economy. 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, ensure profitability and enable world class customer service. We are delighted that Myawaddy Bank has chosen Infosys Finacle to power its digital transformation. With this implementation, Myawaddy Bank will join a growing list of banks in Myanmar and financial institutions across the world, enabled with the industry’s leading digital banking solution suite.”
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 Myawaddy bank attains its business objectives of growth and business agility. We will continue to invest and innovate to drive efficiencies for our clients in the region.”
About Myawaddy Bank Ltd.
Myawaddy Bank Ltd is a private company limited formed under the Myanmar Companies Act (1914) and restructured in accord with Financial Institutions Law 2016, for Development and Commercial Banking. It was established in 1993. To know more, visit https://mwdbank.com/.
About Infosys Finacle
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.
About ACE Data Systems Ltd.
ACE Data Systems Ltd. was founded in 1992 as a small software house and IT training center. Today, ACE Data Systems Group has grown into a group of nineteen companies with over six hundred employees with business operations in software development and system integration, outsourcing, IT infrastructure and cyber security, education services and e-commerce. Up to date software development techniques and the best on-site services for customers make ACE the leading software developer in Myanmar. http://acedatasystems.com/.
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