Myanmar: latest IT tenders, implementations and go-lives
Myanmar is busy with banking tech projects
KBZ Stirling Coleman (KBZSC) and AYA Trust go live with TCS Bancs, and Bank for Investment and Development of Vietnam (BIDV) looks for a hardware provider for its new subsidiary in Myanmar.
KBZSC and AYA Trust
TCS Financial Solutions has completed the deployment of its TCS Bancs system to support securities trading and settlement at Myanmar-based KBZSC and AYA Trust.
KBZSC is the joint venture between Kanbawza (KBZ) Group and Stirling Coleman Holdings. It provides underwriting, dealing, broking and investment advisory services on the newly-launched Yangon Stock Exchange (YSX).
YSX commenced trading on 25 March this year.
KBZ Group’s banking arm, KBZ Bank, is Myanmar’s first clearing bank for YSX. For its core banking system, KBZ Bank uses Oracle FSS’s Flexcube.
AYA Trust is the new underwriting business of another local banking player, Ayeyarwady Bank (AYA Bank).
Together, KBZSC and AYA Trust process about 80% of Myanmar’s total equity transactions.
TCS says the implementation of trading software at the two institutions was done in parallel and completed within 90 days.
Rudi Rolles, managing director of KBZSC, is complimentary of the supplier: “I was pleased and impressed by the talent, skill and experience shown by the TCS team in customising and implementing the trading system within three months.”
His counterpart at AYA Trust, David Soe Lin, agrees: “With only three months to build an entire brokerage, TCS overcame many operational, technical and market structure reforms related challenges to enable us to go live on TCS Bancs.” He adds that the system’s functionality and flexibility “exceeded our expectations”.
Bank for Investment and Development of Vietnam (BIDV)
One of Vietnam’s largest banking groups, BIDV, is preparing to launch a subsidiary in Myanmar.
State-owned BIDV already has a representative office in the country. It plans to convert it into a fully functioning branch in the course of 2016.
This entails the implementation of BIDV’s core banking system, Smartbank, supplied by a Vietnamese software vendor and integrator, FPT. The core system requires hardware and the bank is in the process of its procurement. It has recently announced a tender to this effect.
BIDV is a long-standing customer of FPT. In addition to using its core system, FPT has also deployed a new enterprise resource planning (ERP) system at BIDV.
This is a recent venture – and a ground-breaking one for FPT as it became the first local IT firm to successfully deploy an integrated financial accounting hub.
BIDV went live with the new platform in January this year.
BIDV’s 185 branches and 230+ outlets nationwide are now on the ERP system. This is the biggest ERP project in Vietnam’s banking sector to date.
Maynmar – the place to be
Infosys has recently had a breakthrough in Myanmar for its core banking system, Finacle. Asia Green Development (AGD) Bank has signed for Finacle to automate its main operations, front-to-back office, including online and mobile banking.
Meanwhile, another local bank, Yoma Bank, opted for Misys’ FusionBanking Essence core platform. The contract was signed last year.
