Yoma Bank of Myanmar has chosen financial software provider Misys to help transform its core banking system.
According to the International Monetary Fund (IMF), Myanmar's economy is expected to grow by 8.5 percent within the next year. To cope with this economic growth, there is a need for the country's banking system to be modernised, according to a joint statement by Yoma Bank and Misys.
"Myanmar is on the verge of a growth and development explosion; a new, modern and robust financial system is critical to support the economy and our people," stated Hal Bosher, CEO of Yoma Bank. "We're now transforming the bank to introduce new channels, new products and a new dimension to customer service which will cement our position as an innovative leader in Myanmar."
Under the partnership, Yoma bank will help the bank expand its current services to launch online banking and upgrade the existing branch functionality. It will deploy Misys FusionBanking Essence Mobile and Online -- which is a part of the FusionBanking Essence solution - as an additional channel and to be fully integrated with the core system. The bank explained that the move is aimed at addressing the expected surge in mobile penetration in Myanmar due to the recent deregulation and opening of the country's telecom's market.
The bank added that it will implement Misys FusionBanking Essence with Misys Architecture & Process Solutions (MAPS) approach. The approach packages a process model, aligned with market best practices and standard regulations, and backed up by the FusionBanking Essence application model. This allows the bank to go live in the shortest time possible, in a tried and tested low-risk model, said the statement.
"FusionBanking Essence will enable the bank to transform its technology, processes and channels more in line with the needs of its customers," said Nadeem Syed, Misys' CEO. "With the implementation of Misys FusionBanking Essence, the bank will be able to roll out new products to meet the ever-expanding needs of its growing customer base. Yoma Bank is thus perfectly positioned to respond to Myanmar's growing mobile population, and we look forward to working with the bank as the landscape and its business evolves."
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