Yangon and Bengaluru – May 03, 2018
Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NYSE: INFY), today announced that Myawaddy Bank Ltd., a leading domestic bank in Myanmar, has selected Finacle solution suite to power the bank’s digital transformation. With Finacle, the bank aims to drive growth and innovation while achieving significant improvements in operational efficiencies. Finacle’s pre-integrated digital channels stack will enable the bank to rapidly deliver a rich and seamless digital experience to its customers.
ACE Data Systems Ltd, Finacle’s business partner in Myanmar, will play an integral part in the solution’s implementation at Myawaddy Bank Ltd. With their experience in implementing Finacle and in-depth understanding of local banking practices, they will help ensure an accelerated delivery.
U Yu Lwin, Managing Director Myawaddy Bank Ltd. said, “At our bank, we are committed to delivering innovative products and services to our customers, and maintaining a high level of service quality and convenience. In the coming years, we believe the Myanmar economy will see strong progress and we are keen to expand our growth and presence in the country. We selected Finacle as our strategic partner for our technology transformation journey due to its strong solution credentials, proven track record and experience of working with leading financial institutions across the world. We are confident that with Finacle, our staff and customers will be well empowered to support our growth aspirations.”
Sanat Rao, Chief Business Officer, Infosys Finacle said, “The banking industry in Myanmar is witnessing rapid growth with the opening of the economy. Banks are showing a strong appetite for expansion and at this stage, a modern banking technology platform is critical to help Myanmar banks drive growth, ensure profitability and enable world class customer service. We are delighted that Myawaddy Bank has chosen Infosys Finacle to power its digital transformation. With this implementation, Myawaddy Bank will join a growing list of banks in Myanmar and financial institutions across the world, enabled with the industry’s leading digital banking solution suite.”
Zaw Moe Thant, Chief Executive Officer, ACE Data Systems Ltd. said, “We are delighted to partner with Infosys Finacle and are strongly committed to ensuring that Myawaddy bank attains its business objectives of growth and business agility. We will continue to invest and innovate to drive efficiencies for our clients in the region.”
Myawaddy Bank Ltd is a private company limited formed under the Myanmar Companies Act (1914) and restructured in accord with Financial Institutions Law 2016, for Development and Commercial Banking. It was established in 1993. To know more, visit https://mwdbank.com/.
Finacle is the industry-leading digital banking solution suite from EdgeVerve Systems, a wholly owned product subsidiary of Infosys. Finacle helps traditional and emerging financial institutions drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insights–driven interactions and ubiquitous automation. Today, banks in over 100 countries rely on Finacle to service more than a billion consumers and 1.3 billion accounts. Finacle solutions address the core banking, omnichannel banking, payments, treasury, origination, liquidity management, Islamic banking, wealth management, analytics, artificial intelligence, and blockchain requirements of financial institutions to drive business excellence. An assessment of the top 1250 banks in the world reveals that institutions powered by the Finacle Core Banking solution, on average, enjoy 7.2% points lower costs-to-income ratio than others. To know more, visit www.finacle.com.
ACE Data Systems Ltd. was founded in 1992 as a small software house and IT training center. Today, ACE Data Systems Group has grown into a group of nineteen companies with over six hundred employees with business operations in software development and system integration, outsourcing, IT infrastructure and cyber security, education services and e-commerce. Up to date software development techniques and the best on-site services for customers make ACE the leading software developer in Myanmar. http://acedatasystems.com/.
Certain statements in this release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2017. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that the date of this press release is mentioned at the beginning of the release, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.
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