Yoma Bank Completes Successful Fusion Treasury Implementation with Finastra
New Front-to-Back Solution will Deliver Intuitive and Personalized Solutions for Yoma Bank’s Treasury Clients
Yangon, Myanmar October 19, 2017 – On September 25th, 2017, Yoma Bank successfully implemented Fusion Treasury, powered by Opics, with Finastra. The new front-to-back Treasury solution is part of Yoma Bank's technology-led journey and its continued endeavor to deliver intuitive and personalized solutions for its treasury clients, while maintaining adequate controls, managing risks, continuing regulatory compliance, and improving efficiency.
Yoma Bank Treasury provides an enhanced suite of products and services for its Retail, SME, Corporate, and Institutional clients, which includes FX spots and forwards, FX swaps, cross currency swaps and structured derivatives. In July, Yoma Bank along with KBZ Bank executed the first ever repo test trade in Myanmar.
Speaking on the development, Mr. Vijay Maheshwari Yoma Bank CFO said, “Fusion Treasury, powered by Opics, significantly increases Yoma Bank's capabilities to provide better solutions for our clients and at the same time further enhances our core strengths of optimal risk management and adequate controls. As we continue to work towards Myanmar financial markets development, having a world class treasury system ensures ready capabilities to innovate products and services for our clients.”
“I would like to thank the Finastra and Yoma Bank teams for the great teamwork and the successful implementation, which was achieved on schedule,” Mr. Maheshwari added.
With Fusion Treasury in place, Yoma Bank will be able to service its clients with the best front-to-back-office processing system for money market and FX solutions. The bank will benefit from greater transparency, flexibility and functionality on an industry leading single platform, putting Yoma Bank’s Treasury capabilities in the same league as international players.
Commenting on the implementation, Imad Abou-Haidar, Managing Director – Asia Pacific at Finastra, said, “We have strong expertise in helping Myanmar banks transform to better serve their customers and bring more efficient, convenient banking services to the region. Yoma Bank already benefits from our retail banking solutions and deploying Fusion Treasury is another opportunity to bring real value to its growing client-base, specifically in the treasury space. Fusion Treasury is a modern, componentized and agile solution trusted by hundreds of bank treasuries across the world. It will help Yoma Bank maintain its competitive edge in Myanmar and support the bank’s continued business growth as a leading bank in Myanmar.”
About Yoma Bank
Founded in 1993, Yoma Bank is Myanmar's most progressive domestic bank. Over the past few years, Yoma Bank has made significant investments in strategic priorities - people, technology and corporate governance. Yoma Bank is Myanmar's fourth largest bank by assets with 3000+ employees and 72 branches across the country. Yoma Bank was the International Finance Corporation's (IFC) first direct investment in Myanmar in 2014 and it benefitted from a comprehensive 3-year advisory package to upgrade credit risk management, finance, treasury, product development and to procure a new core banking system (Misys Fusion Banking Essence). Yoma Bank also receives ongoing technical assistance from GIZ, the German development agency, to improve and expand our SME lending. In 2015, Yoma Bank formed a strategic partnership with Telenor (Myanmar's largest foreign Telco) to develop nationwide digital financial services through the formation of Wave Money, a mobile financial services company. Yoma Bank has benefitted from a significant grant from LIFT, a multi-donor, UNDP administered trust fund, to expand agribusiness finance to Myanmar's underserved agricultural community - a key segment in Myanmar’s development. Technical assistance for this program is provided by Rabo Bank, a Dutch agricultural bank. Yoma Bank is committed to financial inclusion in Myanmar.
Finastra unlocks the potential of people and businesses in finance, creating a platform for open innovation. Formed in 2017 by the combination of Misys and D+H, we provide the broadest portfolio of financial services software in the world today—spanning retail banking, transaction banking, lending, and treasury and capital markets. Our solutions enable customers to deploy mission critical technology on premises or in the cloud. Our scale and geographical reach means that we can serve customers effectively, regardless of their size or geographic location—from global financial institutions, to community banks and credit unions. Through our open, secure and reliable solutions, customers are empowered to accelerate growth, optimize cost, mitigate risk and continually evolve to meet the changing needs of their customers. 48 of the world’s top 50 banks use Finastra technology. Please visit www.finastra.com.
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