Myanmar's banks embrace tech

Myanmar’s banks embrace tech

Myanmar-based Ayeyarwady Bank (AYA Bank) has signed for Misys’ Fusionbanking Essence core banking platform.

The vendor says it will help AYA Bank to “overhaul its core banking system, digitalise operations and improve overall efficiency throughout the organisation”.

The new system will support retail and commercial banking operations, “digitalising all manual and non-digital processes”.

Meanwhile, AYA Bank’s new underwriting business, AYA Trust, has implemented the TCS Bancs system from India-based TCS Financial Solutions to support securities trading and settlement.

The Misys deal with AYA Bank comes hot on the heels of another contract signing in Myanmar, with First Private Bank (FPB).

Last year, the first taker of Misys Fusionbanking in the country – Yoma Bank – went live with the new technology.

AYA Bank’s chairman, U Zaw Zaw, hopes the tech modernisation initiative “will not only support the Myanmar government’s national goals of inclusive economic growth, but also connect Myanmar to global commerce”.

Misys’ regional partner Big Byte International helped to secure the projects. Big Byte is “now investing in creating regulatory framework tools for Myanmar using the Misys FusionFabric architecture” and “building a team of local domain experts to support Misys in the region”, Misys says.