Infosys Finacle to boost Myawaddy Bank’s Digital Transformation

Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, has 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.

According to the company, with the Finacle core banking solution, the bank will achieve considerable automation in front and backoffice 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.”