Finastra has been awarded the Singapore Business Review International Business Award for Financial Technology for 2018. The accolade recognizes Finastra’s work in the front-to-back digital transformation of Myanmar’s Yoma Bank.
By embracing Finastra’s core banking solution, Fusion Essence, as the strategic enabler for an “outside-in” transformation of its core banking operations, Yoma Bank has been able to restructure its processes, systems, and channels completely around the customer across its 74 branches over the last few years. The move has seen the bank modernize its existing branch network and launch next-generation, personalized digital banking services, powered by Finastra’s Fusion Digital Channels.
Nadeem Syed, CEO, Finastra said, “We have worked with Yoma Bank for several years to support their digital transformation journey and so it is an honor for our work together to be recognized. Finastra’s innovative approach to accelerating innovation, combined with Yoma’s vision, has delivered great results and speaks to the bank’s willingness to harness modern technology to make a difference for their banking customers, and to Myanmar’s growing economy.”
“At Yoma Bank we are focused on offering the most convenient banking experience to our customers,” said Hal Bosher, Advisor to the Chairman and CEO of Yoma Bank. “Finastra is a trusted and essential partner in our digitalization journey, helping us to better serve our customers and bring next generation banking services to Myanmar. This accolade is a reflection on our strong partnership and our sheer determination to make a difference to banking services in Myanmar.”
Yoma Bank has adopted a number of Finastra solutions over the years, including Fusion Treasury for treasury and capital management and Fusion Trade Innovation for trade finance capabilities. The bank also used Fusion Blueprints during the roll out of Fusion Essence. This ensured that the bank was able to go live in the quickest timeframe possible in a tried and tested, low-risk environment.
The award program is in its fifth year, honoring first-rate international businesses in Singapore and recognizing their contributions to the Southeast Asia economies. This year’s nominations were judged by a panel consisting of top executives from across the financial services industry, including E&Y, Nexia TS and Foo Kon Tan LLP.