Myanmar’s First Private Bank in tech revamp with Misys
Myanmar’s First Private Bank (FPB) has chosen the Misys FusionBanking Essence core banking system for a major tech revamp.
The bank, which received the first banking licence in Myanmar in 1992, will upgrade its retail, corporate and digital offerings. FusionBanking will replace the bank’s “partially computerised distributed branch system”.
Dr Sein Maung, chairman at FPB, says Misys’ technology is “flexible and scalable and will form the foundation for efficient, digital banking here at FPB”.
This project will see FusionBanking Essence and Digital Channels used in the front, middle and back office. The bank’s customers will be able to view and access their accounts across channels, get salaries credited electronically, transfer money and pay bills from different branches or on the go via mobile. The FusionBanking Insight analytics module will enable the bank to track performance and obtain a consolidated view of customer preferences.
Also, FPB will use FusionBanking Trade Innovation and Corporate Channels for its online commercial banking services and trade finance operations.
According to Misys, Myanmar’s economy is expected to grow an average of 7.1% per year in the next three years. The bank is looking to grab a bigger share of the country’s retail and corporate banking market, including “opening up services to those that are currently unbanked”.
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Last year, Myanmar-based Yoma Bank went live with FusionBanking Essence. Yoma, one of the country’s largest commercial banks, has been in tech modernisation mode since 2014.
The country’s financial services sector is also buzzing with activity