Yoma Bank of Myanmar is to install a new core banking system provided by vendor Misys, as part of a major transformation project at the privately-owned bank. The bank wanted to be in a position to benefit from the growth of mobile technology in the country. It will install Misys FusionBanking Essence, and the vendor has said it will help the bank to launch online banking and upgrade the existing branch functionality in its 54 branches across the country. As part of the package, the bank will install Misys’ online and mobile specific modules. Yoma Bank is anticipating that the deregulation and opening of Myanmar’s telecoms market will create a surge in mobile penetration. The bank has stated that it aims to be at the frontline of mobile banking, well-placed to educate and capture the new market. It has also received a licence to undertake foreign transactions. This allows the bank to enable trade finance – a feature that will also be supported by the trade finance module of Misys’ platform.
