Myanmar Oriental Bank in banking software revamp
Myanmar Oriental Bank (MOB Bank) is looking to modernise its core banking software. Banking Technology understands that the new system of choice is Temenos’ T24.
Temenos provided a “no comment” response.
MOB Bank was set up in 1993 and is privately owned. It has 26 branches and offers savings, remittances and SME financing.
The bank is now in the process of recruiting a core banking system developer, Banking Technology understands.
Temenos already has a couple of clients in the country, namely the Co-operative Bank (CB Bank) and Fullerton, a microfinance lender to retail clients and SMEs.
Myanmar and banking tech vendors: who is doing what
Torstone Technology’s post-trade securities and derivatives processing system, Inferno, has just gone live in the country’s securities market.
TCS Financial Solutions has recently completed the deployment of its TCS Bancs system to support securities trading and settlement at Myanmar-based KBZSC and AYA Trust.
Earlier this year, Infosys had a breakthrough in Myanmar for its core banking system, Finacle. Asia Green Development (AGD) Bank has signed for Finacle to automate its main operations, front-to-back office, including online and mobile banking.
Meanwhile, another local bank, Yoma Bank, opted for Misys’ FusionBanking Essence core platform.
Oracle FSS has a handful of sites in Myanmar for its Flexcube platform. These include Kanbawza Bank (KBZ Bank) and Tun Foundation Bank.
Japan-based NTT Data helped the Central Bank of Myanmar (CBM) to develop a new core banking system for the settlement of government bonds, funds and collateral management.