Myanmar’s Ayeyarwady Bank (AYA) has selected Misys’ FusionBanking suite to support a transformative project to overhaul its core banking system, digitalise operations and improve overall efficiency throughout the bank.
The project implementation will help improve AYA’s services and products available, as well as protecting customer information and data integrity. AYA says its customers will enjoy faster access to more information and will also benefit from the roll out of new online and mobile banking platforms.
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Misys deal with AYA follows its recent contract win with Myanmar’s First Private Bank (FPB).
Misys FusionBanking will replace FPB’s partially computerised distributed branch system to streamline and digalise operations.
Both banks believe that their respective transformation projects will improve access to secure, reliable financial services for Myanmar’s underbanked population.
U Zaw Zaw, Chairman, AYA Bank says: “It’s thrilling to see more of our vision for AYA Bank come to life in Myanmar. In addition to providing existing customers with a seamless, best-in-class experience, this transformation will drive rapid business and economic growth in Myanmar by increasing banking penetration and the availability of reliable, secure banking services to the nation’s large underbanked population.
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By GlobalData“With Misys, this transformation will mean we can deliver excellence and pursue growth in our rapidly changing country while continuing to lead from the front. These financial services not only support the Myanmar government’s national goals of inclusive economic growth, but also connect Myanmar to global commerce.”
Nadeem Syed, CEO, Misys adds: “As Myanmar’s banks modernise to keep pace with the disruption that’s driving the economy forward, digitalisation can be a catalyst for much broader change across the nation.
“With fierce competition brewing in Myanmar’s financial services sector, we are confident that we can help AYA Bank leapfrog developed market banking challenges to modernise faster and more efficiently. This will help to have a significant impact in including more people into Myanmar’s financial system and making a cashless society a reality for all.”
Misys’ local tech partner Big Byte International was instrumental in the two deals which saw Misys chosen over other core banking vendors for its modern, componentised technology and expertise in the region.
Big Byte is investing in creating regulatory framework tools for Myanmar using the Misys FusionFabric architecture, in addition to building a team of local domain experts to support Misys in the region.
Myanmar’s economy is expected to grow an average of 7.1% per year in the next three years.
“The market here has been through immense change across all industries, and banking is no exception. As we come into a period of expected rapid growth, competition is heating up and customers are demanding superior products and services,” says Sein Maung, chairman of FPB.
“Our mission is to deliver efficient, transparent and trustworthy banking to all and we know that requires a slick, modern technology platform at the core. Misys technology is flexible and scalable and will form the foundation for efficient, digital banking here at FPB.”
