Temenos (SIX: TEMN), the market leading provider of mission critical solutions to the financial services industry, today announces that CB Bank (Co-operative Bank) Myanmar has gone live with Temenos T24, concluding the first-ever modern core banking software implementation in Myanmar.
The project was delivered on plan and on budget in only 10 months, facilitated by the bank's decision to accept Temenos' model bank processes which minimised the need for customisations.
CB Bank chose Temenos T24 due to the need to operate in accordance with accepted international banking practices and to support fast and profitable growth. With T24, the bank has grown to 45 branches and aims to open a further 40 branches in 2013. The bank has also created and launched new banking products significantly faster than before, whilst managing the business much more effectively thanks to the real-time, single view of financials provided by T24.
CB Bank is one of the leading retail banks in Myanmar with 45 branches and 35 money exchange across the country. Currently it offers deposit and credit products to the retail market, as well as limited foreign currency transfers and export / import trade banking. CB Bank also offers the first ever eStatement service in Myanmar using T24. The bank will soon offer Trade Finance on the T24 platform and also plans to offer Internet Banking and Mobile Banking facilities to its customers within the year.
Raju Daryani, Temenos Regional Director for APAC, said: "Having successfully completed its first implementation in Asia Pacific almost 20 years ago, Temenos now has 100 customers in 19 countries across Asia Pacific. We are proud to have extended our leading position in the region by implementing the first ever core banking system in Myanmar."
Mr. Kyaw Lynn, Executive Vice Chairman and CEO, CB Bank, commented: "We chose to partner with Temenos due to the superiority of T24 and the strength of Temenos' reputation. In choosing T24, we now have the platform and the support to fulfil our objective of rapidly growing our business. The speed and efficiency with which T24 was implemented is testament to Temenos' model bank processes, allowing us to maximise time to value and to capitalise on our first mover advantage."