Asia Green Development Bank in Myanmar has hired EdgeVerve Systems, a subsidiary of Infosys, to provide both back-end and front-end solutions for its banking system. The deal, the value of which has not been disclosed, is set to improve AGD’s offering to customers and help it compete in an increasingly fierce market.
Myanmar (a.k.a. Burma) has undergone considerable political and economic change in recent years as internal policy changes have sought to create a more democratically ordered society – away from decades of military rule. The changes in social policy also created room for reforms in economic policy, which have, among others, led to more vehicles on the road, more telecom options and increased health coverage.
Another area to see increased competition is the banking arena. One of the country's new financial institutions, the Asia Green Development (AGD) Bank, was formed in Myanmar in 2010, along with three similar new institutions. The bank has, since its establishment, gone public. Today, AGD has 53 branches throughout Myanmar and operates in Corporate, Retail, and International Banking. The bank has been feeling competitive heat in recent years, with profits for 2015 plummeting, in part on the back of increased competition from rivals.
As part of its continued expansion and modernisation, the bank has hired Infosys’ subsidiary EdgeVerve Systems and has adopted a suite of their solutions: Finacle Core Banking, Internet Banking, Mobile Banking, and financial ecosystem solutions. These solutions are aimed at providing the banks customers and clients with “a next-generation banking experience by enabling seamless transactions, regardless of the channel, the location and the time.”
In addition, the back-end solution provided by Infosys’ Finacle platform will eliminate the need for various manual processes, thereby enhancing productivity, reducing errors, and ensuring seamless service. The system provides additional benefits, such as scalability as the bank further expands its customer and client base in line with organic requirements.
Andy Dey, President of Customer and Operations at EdgeVerve says: "The banking industry in Myanmar is witnessing a renewed growth and banks are showing a strong appetite for expansion. A modern banking technology platform is critical to drive growth for Myanmar banks at this stage. With the Finacle suite of solutions, AGD Bank will be able to integrate various channels, effortlessly develop and launch new offerings, create new lines of revenue, and work with greater efficiencies, which is in line with the bank’s long-term growth.”
Htoo Htet Tay Za, Managing Director, Asia Green Development Bank says: “At Asia Green Development Bank, our endeavour is to help our clients fulfill their needs by delivering an excellent banking experience. We believe that the adoption of the Finacle family of solutions will support us in achieving our goal of delivering just that.”