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Myanma Foreign Trade Bank chooses Intellect for a scalable, future-proof Digital Transformation

Posted On: 2020-09-29 12:07:06 (Time Zone: IST)


Intellect Design Arena Limited, a specialist in applying true Digital Technologies across Banking and Insurance, is proud to announce that it will steward the digital transformation of Myanmar's State-owned Myanma Foreign Trade Bank (MFTB). Intellect will power MFTB's digital aspirations with Intellect Digital Core 19.2 - a fully integrated solution with the best of breed functionalities to provide a truly Omnichannel experience. The solution is past-compatible, which means it will integrate with MFTB's existing system seamlessly. It is also future-proof - giving MFTB the ability to respond with agility to new market demands and scale progressively.

MFTB carries a serious mandate of sustainable development and inclusive banking. This demands a superior class of technology with comprehensive business functions, which Intellect aims to provide. The IDC solution includes a host of parameterizable modules across CASA, deposits, general ledger, domestic and international inward and outward clearing, digital lending, trade finance, and treasury. Profitability monitors on the Trade and Lending modules will provide actionable insights. Intellect also provides an integrated and robust security suite in ARX. And above all, a revolutionary enterprise-level integration platform supporting multiple APIs for hassle-free integration.

A respected representative from MFTB said: "We found the Intellect Digital Core banking suit a good fit with our business and operational goals. The architecture supports scalability to multiple levels, potentiallyenabling higher transaction volume processing, high availability, and data integrity across modules. We look forward to a smooth implementation and collaborative innovation.

Rajesh Saxena, CEO of iGCB, Intellect's Global Consumer Banking business, said: "Itis an honour for us to power MFTB's nation-building agenda. With the comprehensive IDC suite and 'core in 24/7 mode', we are confident of powering measurable growth for MFTB. We are delighted to work together with ACE Data Systems as a partner in this important project. We look forward to great synergy and superior outcomes.

Zaw Moe Thant, Chief Executive Officer, ACE Data Systems, said: Our proven BFSI expertise in the region will complement Intellect's futuristic technology to deliver a powerful solution for MFTB. We look forward to working together to ensure an omnichannel customer experience for their customer base of 200k+ and expanding fast. In addition to providing a comprehensive and consolidated app landscape, Intellect will look to streamline systems with a 'one middleware' approach. To provide contextual, smooth service to MFTB, Intellect has also partnered with Myanmar-based ACE Data Systems, an IT conglomerate with expertise across software development and system integration, outsourcing, IT infrastructure, and cybersecurity, education services, and e-commerce.

Shares of Intellect Design Arena Ltd was last trading in BSE at Rs.204.95 as compared to the previous close of Rs. 205.1. The total number of shares traded during the day was 6719 in over 273 trades.

The stock hit an intraday high of Rs. 209.55 and intraday low of 204.55. The net turnover during the day was Rs. 1393397.


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