Myanmar’s Yoma Bank has selected Misys FusionBanking Essence for a complete front-to-back revamp of its core banking system.
The software company is also providing the platforms for the bank to expand its online and mobile banking, upgrade branch functionality, as well as undertake foreign transactions.
Yoma Bank is one of the largest privately owned banks in Myanmar, with 54 branches across the country. Myanmar has been run by a civilian government since 2011, and the IMF projects that the country’s economy will grow by 8.5 per cent over the next year.
“Myanmar is on the verge of a growth and development explosion; a new, modern and robust financial system is critical to support the economy and our people,” explained Hal Bosher, CEO of Yoma Bank.
“Yoma Bank has always pioneered new technology,” he continued. “We were the first bank in the country to use a computerised accounting system and wireless banking communications. We’re now transforming the bank to introduce new channels, new products and a new dimension to customer service, which will cement our position as an innovative leader in Myanmar.”
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