AYA Bank selects Misys for next transformation project
Yangon, Myanmar, 2 June 2017, AYA Bank (Ayeyarwady Bank) has selected the Misys FusionBanking suite to support a transformative project which will overhaul its core banking system, digitalise operations and improve overall efficiency throughout the organisation.
U Zaw Zaw, Chairman, AYA Bank said, “It’s thrilling to see more of our vision for AYA Bank come to life in Myanmar. In addition to providing existing customers with a seamless, best-in-class experience, this transformation will drive rapid business and economic growth in Myanmar by increasing banking penetration and the availability of reliable, secure banking services to the nation’s large underbanked population. With Misys, this transformation will mean we can deliver excellence and pursue growth in our rapidly changing country while continuing to lead from the front. These financial services not only support the Myanmar government’s national goals of inclusive economic growth, but also connect Myanmar to global commerce.”
AYA Bank has always been at the forefront in providing modern retail banking services and products and in just seven years the bank has grown to become one of the top three private banks in Myanmar. Using the Misys platform, the bank will consolidate and streamline workflow as well as digitalising all manual and non-digital processes to better service its customers across retail and corporate banking.
The modern digital Misys platform will help improve the services and products available, as well as protecting customer information and data integrity. AYA Bank’s customers will enjoy faster access to more information and will have the option to perform a wider range of transactions at the click of a button through new online and mobile banking solutions. This in turn will enable the bank to improve customer engagement and accelerate customer acquisition through functions such as digital on-boarding.
“As Myanmar’s banks modernise to keep pace with the disruption that’s driving the economy forward, digitalisation can be a catalyst for much broader change across the nation,” said Nadeem Syed, CEO, Misys. “With fierce competition brewing in Myanmar’s financial services sector, we are confident that we can help AYA Bank leapfrog developed market banking challenges to modernise faster and more efficiently. This will help to have a significant impact in including more people into Myanmar’s financial system and making a cashless society a reality for all.”
This transformation will also enable AYA Bank to offer internal stakeholders a better service. This includes improving process efficiency and minimising operational risk, providing accurate and reliable reporting, supporting decision-making and improving the bank’s speed-to-market in launching new products and services in branches across the country.
The Misys partnership-driven approach and commitment to remain closely engaged with AYA Bank will also be beneficial over the longer term as AYA Bank uses the integrated FusionBanking solution suite to anticipate future needs, deliver growth and plan regional expansion that stretches beyond Myanmar’s borders.
Expansion of the Misys footprint in Myanmar is testament to the fast transformation taking place in the region as banks strive to modernise and keep one step ahead of the technological advancements changing their customers’ lives. Big Byte International, a Misys InFusion partner, has been instrumental in supporting the Misys journey in Myanmar and Asia Pacific, and is now investing in creating regulatory framework tools for Myanmar using the Misys FusionFabric architecture, in addition to building a team of local domain experts to support Misys in the region.
- Ends -
Senior PR Manager, Misys
T: +44 (0)20 3320 5892
Thiri Kyar Nyo
Assistant General Manager
T: +95 9 511 7204
We provide the broadest, deepest portfolio of financial services software on the market. Our solutions cover retail and corporate banking, lending, treasury, capital markets, investment management and enterprise risk. With more than 2,000 customers across 125 countries our team of domain experts and partners has an unparalleled ability to address industry requirements at both a global and local level. We deliver market leading solutions by putting customer needs at the centre of everything we do. We offer a unique componentised, open architecture to enable our clients to innovate, connect and expand their existing services and increase value faster. To learn more about how our Fusion software portfolio can deliver a holistic view of your operations, and help you to solve your most complex challenges, please visit www.misys.com and follow @MisysFS on Twitter.
About AYA Bank
AYA Bank received its banking license from the Central Bank of Myanmar on 2 July 2010 and began operations on 11 August 2010. The bank is authorised to operate as an investment or development bank for the domestic market and the approved banking activities include borrowing or raising of money, lending or advancing of money either secured or unsecured, receiving securities or valuables for safe custody, collecting and transmitting money and securities, and provides international banking services including international remittance, payment and trade services. AYA Bank subscribes to global standards in governance, risk and compliance in its management and operations. The bank has engaged talents with both domestic and international exposures and has invested significantly in training and technology as a way to ensure long term sustainable growth for the bank and for the community it serves.
Since its inception, the bank has grown steadily, with the number of branches increased progressively to 219 branches and customer deposits grew healthily to Kyats 3.95 Trillion as at end April 2017, signifying increased confidence among the public in the bank.
For the years ahead, the bank will continue to extend its branch network throughout Myanmar. It will continue to focus on building relationships with customers, providing excellent customer service, and leveraging technology as the enabler to enhance its customer base. At the same time, the bank aims to strengthen its governance, risk and compliance structure as a measure to ensure balance and sustain growth.