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G Bank, Myanmar Selects Infosys Finacle to Power its Growth

Posted On: 2019-12-06 14:37:45

Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys (NYSE: INFY), and Glory Farmer Development Bank Limited (G Bank), a Private Bank in Myanmar, today announced the selection of the Finacle Digital Banking solution suite to transform the bank's retail banking business. Finacle will help G Bank leapfrog to emerge as a modern banking organization, allowing it to engage its customers with a truly digital banking experience.

With the new Finacle solution suite, G Bank will achieve considerable automation in front and back-office operations. With actionable customer insights, APIs driven architecture and componentized yet integrated solution, the bank will be empowered with an advanced platform to power its growth strategy. The in-built product factory will enable the bank to rapidly launch new product offerings in response to emerging market demands, while the workflow engines will ensure more control and significant improvement across operations.

ACE Data Systems Ltd., a Finacle business partner in Myanmar, will play an integral part in implementing the solution stack at G Bank. With their in-depth understanding of local banking practices and experience in implementing Finacle, they will support an efficient and accelerated delivery.

Daw Hnin Thidar Ko, CIO, G Bank, said, "G Bank, established in 2018 is aiming to support comprehensive economic development in Myanmar through reliable, inclusive and convenient banking services. To power our mission and our growth strategy in the coming years, in an increasingly competitive environment, we felt the need for a modern platform. With its growing deployment base in Myanmar, including some of the largest banks, Finacle is a proven solution for our needs. We are confident that it will be able to support our growth aspiration by improving efficiencies, and provide the best possible banking experience for our customers."

Venkatramana Gosavi, Senior Vice President & Global Head of Sales, Infosys Finacle, said, "It is my pleasure to welcome G Bank to the growing family of banks in Myanmar powered by the industry leading Infosys Finacle solution suite. With Finacle, G-bank has the advantage of leap-frogging to a modern operating model to power innovation driven growth. The bank will be able to leverage Finacle's flexibility and openness to lead with differentiated and tailored offerings in the market. Extensive automation across business processes will enable the bank to drive operational excellence, while enhancing the customer experience."

Mr. Zaw Moe Thant, Chief Executive Officer, ACE Data Systems Ltd., said, "Adopting the latest in banking technology is essential for Myanmar banks to compete and innovate in the contemporary, international banking landscape. A modern banking platform at G Bank provides the bedrock on which the bank can build its growth plan. We are delighted to support G Bank in the deployment of the industry's leading core banking solution ensuring that they attain their business objectives of growth and agility."

Shares of INFOSYS LTD. was last trading in BSE at Rs.714.65 as compared to the previous close of Rs. 708.2. The total number of shares traded during the day was 860862 in over 9303 trades.

The stock hit an intraday high of Rs. 716.1 and intraday low of 704.3. The net turnover during the day was Rs. 614931586.

Source: Equity Bulls

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