Temenos continues to demonstrate strength in Southeast Asia and commitment to Myanmar
Temenos (SIX: TEMN), the banking software company, today announces that Myanmar Citizens Bank (MCB) has selected Temenos’ T24 Core Banking to combine its core banking systems into a single platform. After an evaluation of its own, the Construction and Housing Development Bank (CHDB) has also chosen the highly modular and fully upgradeable solution to combine its core and digital banking systems. Both banks will partner with Techmill on the implementation.
MCB is a retail and corporate bank in Myanmar with 23 branches across the country. Having started its journey towards modernizing its technology systems, the bank recognized that having a strong core banking system as its foundation was key to securing sustained future growth. T24 was chosen following an in-depth evaluation process, and will be implemented in a progressive and gradual approach. Once in place, the Temenos technology will support MCB across all current personal, corporate and international banking lines, and scale alongside the bank as it aims to double its operation by the end of the year.
CHDB’s mission is to alleviate the problems surrounding homelessness in Myanmar through the implementation of affordable housing and long-term housing loans. It was established as a semi-government bank in 2013 with the support of the Ministry of Construction, and has a total of 53,734 accounts and 24 branches excluding the Head Office. The bank selected Temenos T24 Core Banking, which will enable it to launch new and innovative products to market faster, enabling the bank to continue to enhance its services to customers. The platform was selected to replace its legacy systems after an exhaustive evaluation process. CHDB will also undergo a progressive implementation.
Dr. Thaun Han, CEO & Managing Director, Myanmar Citizens Bank, commented:
“As we look to secure our future growth, having a robust IT system that not only meets the demands of our business now, but will meet those of the years to come, is crucial. Temenos T24 Core Banking will provide us with a strong foundation, rich product functionality, and the proven ability to operate in both domestic and international markets. Temenos has demonstrated its understanding of, and commitment to, the local market through leading the successful transformation for several banks. They were the clear partner of choice for us.”
ThaHtay, Vice Chairman, Construction and Housing Development Bank, said:
“As part of the vision we’ve defined for our bank, and our journey to improve the socio-economic structure of Myanmar, we know that if we are to truly make a difference we need a single solution which provides us with a 360º view of the customer to provide the highest quality service. It is important to us that the technology we use meets international best practices and is fully scalable to launch new and innovative products as we grow. The T24 solutions stack provides us with the support we need and will enable us to support all the major banking products in the future.”
Martin Frick, Managing Director, Temenos, stated: “We are delighted that our reputation in Myanmar is going from strength-to-strength, and that we are fast becoming the partner of choice for banks in the country and across Asia. The ambitious growth plans that both MCB and CHDB have, require a firm foundation on which to build; T24 Core Banking, with its single view platform and its ability to grow and adapt with the customer, makes it the ideal choice to support future ambitions. We look forward to working with MCB and CHDB as they leverage the expertise of Temenos and the T24 solution to further advance their businesses for the long-term.”