Yoma Bank of Myanmar has selected Misys FusionBanking Essence for a complete front-to-back transformation of its core banking system.
Misys, the leading financial software company is helping the bank expand its current services to launch online banking and upgrade the existing branch functionality. Yoma Bank is one of the largest privately-owned banks in Myanmar, with 54 branches across the country. The bank is undertaking a major transformation project to create a new, modern banking system.
The Myanmar economy has been accelerating since the introduction of the civilian government in 2011, which opened Myanmar up to the global economy and trade and heralding a new era for its people. The IMF has projected that the country will grow by 8.5% within the next year. However, its banking system needed modernisation to avoid inhibiting economic growth.
The deregulation and opening of Myanmar's telecoms market will create a surge in mobile penetration and, with that, Yoma Bank will be at the frontline of mobile banking, well-placed to educate and capture the new market. The bank will implement Misys FusionBanking Essence Mobile and Online, part of the FusionBanking Essence solution to serve as an additional channel and fully integrated with the core system.
Yoma Bank has received a licence to undertake foreign transactions. This is a major growth opportunity for the bank and to enable trade finance, the bank is also implementing Misys FusionBanking Trade Innovation.
"Myanmar is on the verge of a growth and development explosion; a new, modern and robust financial system is critical to support the economy and our people," stated Hal Bosher, CEO of Yoma Bank, who spoke today at the Misys Asia Market Forum on the importance of an 'omni-channel' approach in banking.
"Yoma Bank has always pioneered new technology. We were the first bank in the country to use a computerised accounting system and wireless banking communications. We're now transforming the bank to introduce new channels, new products and a new dimension to customer service which will cement our posiition as an innovative leader in Myanmar. We're excited to be collaborating with Misys – the company is certainly leading the field with core banking innovation."
"Yoma Bank represents the future of banking in Myanmar and it is a pleasure to work with such a visionary institution and CEO," said Nadeem Syed, CEO Misys. "FusionBanking Essence will enable the bank to transform its technology, processes and channels more in line with the needs of its customers. With the implementation of Misys FusionBanking Essence the bank will be able to rollout new products rapidly to meet the ever-expanding needs of its growing customer base. Launching the most advanced mobile and online banking system on the market, Yoma Bank is perfectly positioned to respond to Myanmar's growing mobile population, and we look forward to working with the bank as the landscape and its business evolves."
Yoma Bank will implement Misys FusionBanking Essence with Misys Architecture & Process Solutions (MAPS) approach, which packages a process model, aligned with market best practices and standard regulations, backed up by the FusionBanking Essence application model. This ensures that the bank will go live in the quickest timeframe possible, in a tried and tested low-risk model.
Hal Bosher, CEO of Yoma Bank, continued, "We have taken the decision to keep customisation of the new core banking system to a minimum. Wherever possible, we will modify our processes to match those of FusionBanking Essence. We aim to be the leading Myanmar bank through the implementation of global best practices. It is important to us to adhere to international processes and best practices, which Misys delivers in the MAPS model bank approach."