Infosys’ Finacle core banking system gains first taker in Myanmar
Asia Green Development (AGD) Bank, one of the first commercially owned banks in Myanmar, is automating its ops with Infosys’ Finacle core banking system.
This is Infosys’ first core banking system client in Myanmar.
The system will support all main operations of the bank, front-to-back office, including online and mobile banking.
Finacle will oust a legacy system running at the bank since its inception in August 2010. The distributed nature of the system made it impossible to review clients’ holdings in a consolidated manner, according to Infosys. “The new implementation will provide the bank a 360-degree view of customer relationships and transactions,” states the vendor.
The contract with AGD Bank was signed in Q4 2015.
AGD Bank has 53 branches in Myanmar and offers corporate, retail and international banking services. Last year, it announced plans for an IPO on the country’s newly launched exchange, Yangon Stock Exchange.
Infosys has recently published its yearly financial results: profits and revenue on the rise.