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Yoma Bank Leverages Oracle Analytics as it Moves Into the Digital Era
Myanmar’s Most Forward-Thinking Bank Chooses Oracle for Data Analytics
Yangon, Myanmar—February 13, 2019
Yoma Bank today announced that it will leverage Oracle, to create a hybrid data analytics platform, aimed at serving internal business users and allowing management to make decisions based on insights derived from the analysis. As one of the most progressive banks in Myanmar, Yoma Bank is a frontrunner in digital and believes data analytics is a critical success factor.
“Analytics are essential for Yoma Bank to understand the needs of our customers. Our new Oracle based analytics platform will enhance our ability to leverage analytics and give us the confidence to make the best strategic decisions. We chose Oracle because of its recognized expertise in technology, history in data analytics, and data management,” said Mr. Hal Bosher, CEO, Yoma Bank.
From April 2019, Yoma Bank will use Oracle to process, consume and manage internal banking data. Yoma Bank will also leverage Oracle Infrastructure as a Service (IaaS) to support the security and manageability of its technology deployment. Over time, Yoma Bank may process more of its data on Oracle Cloud, including the development of a data lake.
“Data and the management of data is a core driver of our cloud solution portfolio. Advances in data analytics are driven by the need for today’s businesses to generate deeper insights as they look to develop new and improved offerings for customers and internal use. We are excited to work with Yoma Bank, as it pioneers yet another digital banking initiative in Myanmar,” said Cherian Varghese, Regional Managing Director, Oracle ASEAN.
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About Yoma Bank
Founded in 1993, Yoma Bank is Myanmar's most progressive domestic bank. Over the past few years, Yoma Bank has made significant investments in strategic priorities - people, technology and corporate governance. Yoma Bank is Myanmar's fourth largest bank by assets with 3000+ employees and 78 branches across the country. Yoma Bank was the International Finance Corporation's (IFC) first direct investment in Myanmar in 2014 and it benefitted from a comprehensive 3-year advisory package to upgrade credit risk management, finance, treasury, product development and to procure a new core banking system (Misys Fusion Banking Essence). Yoma Bank also receives ongoing technical assistance from GIZ, the German development agency, to improve and expand our SME lending. In 2015, Yoma Bank formed a strategic partnership with Telenor (Myanmar's largest foreign Telco) to develop nationwide digital financial services through the formation of Wave Money, a mobile financial services company. Yoma Bank has benefitted from a significant grant from LIFT, a multi-donor, UNDP administered trust fund, to expand agribusiness finance to Myanmar's underserved agricultural community - a key segment in Myanmar’s development. Technical assistance for this program is provided by Rabo Bank, a Dutch agricultural bank. Yoma Bank is committed to financial inclusion in Myanmar.
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