Infosys implements Finacle core banking solution for Myanmar bank

The Global Treasure Bank (GTB) of Myanmar has implemented IT giant Infosys Ltd subsidiary Edgeverve Systems’ Finacle core banking solution.

GTB will us the platform for its retail and corporate operations in 163 locations across Myanmar for customer relationships and transactions.

ACE Data Systems Ltd, Finacle’s business partner in Myanmar, helped with the implementation of the process and ensured completion of the project within stipulated timelines, Infosys said in a statement.

Infosys also said that, ever since the implementation, GTB has been processing an average of 300,000 mixed transactions on a daily basis and has signed up close to 75,000 new accounts. The bank now has better control of business process orchestration, built-in workflow engines and branch productivity, Infosys claimed.

U KoKo Aung, CEO at GTB, said: “To continue in an increasingly complex regulatory and competitive environment, we felt the need for a modern platform to power our banking strategy.”

Aung said the investment in Finacle would help deepen the customer relationships through scalable and a contextual banking experience.

Venkatramana Gosavi, senior vice president and global head of sales at Infosys Finacle, said Myanmar’s banking industry was in the middle of a transformation and required rapid technology advancements to keep pace with policy reforms. “With Finacle, GTB has gained a strong foundation to boost agility and efficiency of operations, and significantly improve customer experience across channels,” said Gosavi.  

Talking on Myanmar’s digital journey, Zaw Moe Thant, CEO at ACE Data, said: “Technological transformation is essential for Myanmar banks to compete and innovate in the contemporary, international banking landscape,”

Infosys had acquired EdgeVerve in January 2014 to strengthen its cloud-hosted enterprise platforms. In May 2015, Infosys decided to separate its core banking software Finacle from its services business and aligned it with its product unit under EdgeVerve.

Banks across 100 countries use Finacle to service over a billion consumers, Infosys said.