Atos has collaborated with Myanmar Millennium Group (MMG) to launch Banking as a Service (BaaS) solution in Myanmar, in an effort to accelerate the growth of the local banking sector.

The new banking platform has been designed to manage and support a range of banking operations such as current and savings accounts, deposits, credits, loans as well as collections.

In addition, the platform also supports various other key services including sweeps, standing instructions, direct debits and credits and international payments.

The solution complies with current and future regulatory requirements as well as ensures complete security and confidentiality.

Atos in a press release said that it will utilise MMG’s local capabilities to offer a turnkey solution to Myanmar’s banks to supplement their core platforms that includes consulting and design services, applications transformation, comprehensive security and access management services, smart mobility and contextual services and IT outsourcing, among others.

These solutions, which are modular and standards-based, can be tailored to suit the banks’ specific growth needs and existing infrastructure and application platforms without the requirement for upfront capital investment, Atos said.

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MMG founder and chairman Min Zeyar said: "This cooperation marks a new era for Banking in Myanmar. Atos BaaS is the "bank in the cloud" that will revolutionize the banking sector here and drive real performance breakthroughs. It provides unprecedented opportunity to gain new levels of agility, meet market-driven transformation opportunities to improve commercial performance and cost efficiency."

Atos CEO of Asia Pacific Herbert Leung added: "We have no doubt about the relevance and importance of BaaS to drive new growth opportunity in Myanmar. Through rapid and targeted service development, local banks will be able to re-fresh their legacy IT platforms and participate in market, segment and product innovations to level the playing field vis-à-vis the global players."