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CO-WRITTEN / PARTNER | Staff Reporter, Singapore
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Finastra International Financial Systems Pte. Limited bags SBR International Business Awards for Financial Technology

The award recognises Finastra’s work in the front-to-back digital transformation of Myanmar’s Yoma Bank.

Finastra has been awarded the Singapore Business Review International Business Award for Financial Technology for 2018. The accolade recognises 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 nextgeneration, personalised digital banking services, powered by Finastra’s Fusion Digital Channels.

Imad Abou Haidar, Managing Director for Asia Pacific, Finastra said, “We’re extremely proud to be awarded with this recognition by the Singapore Business Review for our innovative work with Yoma Bank. As one of Myanmar’s largest commercial banks, they are leading the digital transformation of the country’s financial services sector and we are excited to be working closely with them on this journey.”

“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 digitalisation 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.

Tim Charlton, publisher of Singapore Business Review said, "The award programme is in its fifth year, honouring first-rate international businesses in Singapore and recognising their contributions to the Southeast Asia economies. There are a lot of new companies this year, which means there is a lot of new innovation. We look forward to seeing more innovations next year. Congratulations to all the winners who have attained their outstanding achievements.”

The SBR International Business Awards was held on May 17, 2018 at the Conrad Centennial Singapore.

This year's nominations were judged by a panel consisting of Ng Jiak See, executive director and head of corporate finance advisory at Deloitte Singapore & Southeast Asia; Choo Eng Chuan, ASEAN markets leader and partner, international and corporate tax services at Ernst & Young Solutions LLP; Toh Kim Teck, assurance partner at Foo Kon Tan LLP; and Henry Tan, managing director at NEXIA TS.

If you would like to join the 2019 awards and be awarded as one of the most outstanding international companies in Singapore, please email eleonor@charltonmediamail.com.

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