Finastra scores win in Myanmar with KBZ Bank
Kanbawza (KBZ) Bank, a privately-owned bank in Myanmar, has selected Finastra and its treasury management solution, Fusion Treasury, to enable straight-through-processing (STP).
KBZ Bank seeks to move away from manual treasury processing operations to grow both transaction volumes and revenue, and also reduce operational risk, while not having to scale up its staff.
Win Lwin, managing director of KBZ Bank says: “Market dynamics are changing rapidly due to increased modernisation and digitalisation within Myanmar’s banking sector. Finastra is helping us to overcome high operational overheads associated with manual processes, reduce time-to-market for new products and bring our operations and systems in line with the standards of sophisticated developed markets both regionally and globally.”
Anoop Sonpar, regional director at Finastra, adds: “Myanmar is a country with huge growth opportunities especially for banks that get digital transformation right. Through our partnership with Big Byte International, we have also been able to deliver deep local insights coupled with our mission-critical technologies.”
Big Byte International, a regional partner of Finastra, helped develop and secure the partnership with KBZ Bank.
For its core banking system, KBZ Bank uses Oracle’s Flexcube.
Finastra has supported other financial institutions in the country like Yoma Bank, AYA Bank and First Private Bank on digital transformations.
