Kanbawza (KBZ) Bank, Myanmar’s largest privately-owned bank, has selected Finastra and its treasury management solution, Fusion Treasury, to enable straight-through-processing (STP).
The partnership supports KBZ Bank’s move away from manual treasury processing operations as part of its strategy to ensure faster, more efficient services. The solution will not only help the bank grow both transaction volumes and revenue, but reduce operational risk, as well as scale more effectively while maintaining current levels of manpower across all its treasury business operations.
Win Lwin, Managing Director of KBZ Bank said, “Market dynamics are changing rapidly due to increased modernization and digitalization within Myanmar’s banking sector. With strong global and local expertise, Finastra is helping us to overcome high operational overheads associated with manual processes, reduce time-to-market for new products and bring our operations and systems in line with the standards of sophisticated developed markets both regionally and globally. Our partnership with Finastra reflects our commitment to leveraging digitalization to streamline our systems and deploy new business offerings faster to unlock new opportunities in the market and better support our customers.”
Fusion Treasury is a single, integrated, front-to-back solution, built to cover all aspects of a bank’s operations in treasury, capital markets, derivatives, and risk and compliance. The solution enables financial institutions to integrate and automate systems and streamline treasury operations. Built with flexible architecture, Fusion Treasury will accelerate KBZ Bank’s ability to expand and scale its business for future transactions and processing needs, add asset classes and offer new products and services more efficiently and effectively.
Anoop Sonpar, Regional Director at Finastra said, “Myanmar is a country with huge growth opportunities especially for banks that get digital transformation right. As the banking landscape continues to evolve, and the treasury market opens up to higher trade volumes and multi-asset class coverage, we are committed to supporting KBZ Bank in its digital journey and establishing best in class solutions for its customers. Through our partnership with Big Byte International, we have also been able to deliver deep local insights coupled with our mission-critical technologies.”
Big Byte International, a key regional partner of Finastra, was instrumental in securing the partnership with KBZ Bank which saw Finastra chosen over other treasury management solution vendors for its modern, componentized technology and expertise in the region.
Amit Johari, CEO, Big Byte International said, “Myanmar is a key growth market for us. The country, and in particular its banking community, have the right vision and are ready to leapfrog into the future and embrace new technologies for enhanced digital transformation. This win is also a clear reflection of the value and expertise we are bringing to the local market. We act as a strong partner to the financial industry through both the right adoption of technology with local nuances and by developing complementary products for banks. We also provide local consulting, implementation and support services on the Finastra platform to banks in Myanmar.”
Finastra has a proven track record in Myanmar having supported other financial institutions like Yoma Bank, AYA Bank and First Private Bank embark on their local digital transformation journeys.
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