Local lender Yoma Bank said it has selected British financial software maker Misys to overhaul its core banking system.
Misys will help the bank expand its current services to launch online banking and upgrade the existing branch functionality through its “Fusion Banking Essence” software package, the firms said in a statement.
Yoma Bank, one of the largest privately-owned banks in Myanmar with 54 branches across the country, has recently been undertaking a major transformation project to create a new banking system.
Myanmar’s economy has been accelerating since the semi-civilian government came to power in 2011 and opened the country up to the global economy and trade. The IMF has projected that the country will grow by 8.5 percent within the next year. However, Myanmar’s antiquated banking system is in dire need of modernisation to keep the economic momentum going.
The bank will implement “Misys Fusion Banking Essence Mobile and Online”, part of the “Fusion Banking Essence” solution to serve as an additional channel and fully integrated with the core system.
“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,” said Hal Bosher, CEO of Yoma Bank.
“Yoma Bank has always pioneered new technology. We were the first bank in the country to use a computerised accounting system and wireless banking communications. 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.”
Yoma Bank recently received a licence to undertake foreign transactions, which is seen as a major growth opportunity for the bank. To enable trade finance, the bank is also implementing “Misys Fusion Banking Trade Innovation”.
“Fusion Banking Essence will enable the bank to transform its technology, processes and channels more in line with the needs of its customers. With the implementation of Misys Fusion Banking Essence the bank will be able to rollout new products rapidly to meet the ever-expanding needs of its growing customer base,” Nadeem Syed, CEO Misys, said.
Yoma Bank will implement “Misys Fusion Banking Essence” with “Misys Architecture & Process Solutions (MAPS)” approach, which packages a process model, aligned with standard regulations, backed up by the “Fusion Banking Essence” application model.
Bosher said, “We have taken the decision to keep customisation of the new core banking system to a minimum. Wherever possible, we will modify our processes to match those of Fusion Banking Essence.
“We aim to be the leading Myanmar bank through the implementation of global best practices. It is important to us to adhere to international processes and best practices.”