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AYA Bank taps Misys for core banking overhaul

Myanmar-based Ayeyarwady Bank (AYA Bank) has selected Misys’ FusionBanking suite as part of its core banking overhaul.

AYA Bank hopes the system overhaul will help it target the underbanked in Myanmar. Less than 5% of the country’s population own bank accounts.

“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,” says U Zaw Zaw, Chairman at AYA Bank.

“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.”

Keeping pace

Founded in 2010, AYA Bank operates 217 branches across the country, offering both retail and commercial banking services.

The bank launched an online bill payment service in August 2015. It also uses out CR2’s Bankworld platform to manage its ATMs and POS terminals.

Nadeem Syed, CEO at Misys, adds: “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.

“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.”

AYA Bank isn’t the first in Myanmar to embark on a modernisation project with Misys. Yoma Bank went live with Misys’ FusionBanking Essence in 2016. First Private Bank has also selected FusionBanking Essence, with implementation already underway.

Core banking in Myanmar

Myanmar’s economy is set to grow by more than 7% per year for the next three years. As a result, many of the country’s banks are modernising their systems in preparation. A number of new domestic banks are opting for centralised core banking applications from international suppliers.

Oracle FSS in particular has picked up a handful of deals, including Kanbawza Bank and Tun Foundation Bank. Myanmar Livestock and Fisheries Development Bank opted for India-based 3i Infotech’s Kastle Core Banking platform in 2012.

Myanmar Apex Bank signed a core banking deal with JMR Infotech in December 2016 to implement Oracle’s Flexcube system. The deal includes database, application and incident and problem management as well as testing and applications.

Government-owned Myanmar Economic Bank started a search for a new core banking platform at the beginning of January 2015.

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