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Infosys to Power GTB’s Digital Strategy in Myanmar

Global Treasure Bank (GTB) in Myanmar has implemented Infosys Finacle’s core banking solution to power its retail and corporate operations, reports Jane Connolly of Fintech Futures, Finovate’s sister publication.

Finacle is understood to have replaced the Kastle core banking system from another India-based vendor, 3i Infotech.

Since the implementation, the bank says it has signed up nearly 75,000 new accounts of various types, with each onboarding process taking just minutes. It has also seen improved control and productivity in its 163 branches, thanks to built-in workflow engines.

GTB is now processing an average 300,000 mixed transactions per day and is benefiting from the “360-degree view of customer relationships and transactions” that Finacle provides.

“For over two decades, GTB has stayed true to our mission of comprehensive economic development of Myanmar through reliable, inclusive and convenient banking services,” said U KoKo Aung, CEO of GTB. “Today, to continue to abide by this commitment in an increasingly complex regulatory and competitive environment, we felt the need for a modern platform to power our banking strategy.”

Venkatramana Gosavi, senior vice-president and global head of sales at Infosys Finacle stated that the Myanmar banking industry is undergoing a transformation.

He added, “With Finacle, GTB has gained a strong foundation to boost agility and efficiency of operations, and significantly improve customer experience across channels.”

The implementation process was aided by ACE Data Systems, Finacle’s business partner in Myanmar.

Finacle, part of EdgeVerve Systems, a subsidiary of Infosys, showcased EdgeVerve Blockchain Framework for Financial Services at FinovateEurope 2017. At the start of 2018 Infosys teamed up with Tradeshift to help clients digitize supply chain management. At the start of this year, the company partnered with Qatar National Bank.