Myanmar’s fast-growing SATHAPANA Limited taps Oracle FLEXCUBE to modernize and introduce new products and services for lendingNAY PYI TAW, Myanmar—November 4, 2020
SATHAPANA Limited, a rapidly growing microfinance institution in Myanmar, has replaced its legacy core banking system with Oracle FLEXCUBE. Amidst the pandemic, SATHAPANA rolled out FLEXCUBE in 50-plus branches to serve approximately 350,000 customers across the country in just six weeks. SATHAPANA chose FLEXCUBE and First Myanmar Solution Company Limited, who supplied and implemented Oracle technology and network infrastructure, to support SATHAPANA’s overall digital transformation strategy and vision for unification across the region.
A frontier economy, Myanmar experienced rapid growth as it opened up in the 2000s, with GDP growth rates among the highest in Asia . Oracle has powered a new generation of financial institutions in Myanmar over the last nine years to transform its processes and deliver an impactful experience for customers on FLEXCUBE. Oracle has also worked closely with the top six local banks for their core banking modernization journeys.
“SATHAPANA selected Oracle based on its proven reputation in the Asian market and our own experience as an existing Oracle customer,” said Seang Serey, Chief Executive Officer, SATHAPANA Limited, Myanmar. “Our ongoing commitment to help the underserved to secure and access funds ties well to Oracle FLEXCUBE’s customer-centric approach.”
With the flexibility and scalability of FLEXCUBE, SATHAPANA will be able to improve its operational efficiency while speeding the release of its products and services to its lending customers. The platform will empower the institution to process real-time transactions, and access, track and manage information about lending, deposits, and fixed assets.
“Oracle enables microfinance institutions such as SATHAPANA to provide personal, small business, and group lending to communities that have not previously had banking services accessible to them,” said Venky Srinivasan, group vice president, APJ & MEA sales, Oracle Financial Services. “By putting funds into the hands of the people, SATHAPANA is aiding Myanmar in its re-growth. With Oracle FLEXCUBE, SATHAPANA can address its conventional banking requirements and micro-lending needs on the same platform, and be at the ready for future expansion.”
“SATHAPANA has selected First Myanmar for its years of experience in the financial industry in the region to supply and implement data center and network infrastructure,” added Serey.
“First Myanmar Solution is honoured to be selected to supply and implement Oracle system, technology, data center, and network infrastructure solutions for SATHAPANA,” said Sokun Thuch, Country Manager of First Myanmar Solution. “With many years’ experience in financial industries in Cambodia, Lao, and Myanmar, we believe that SATHAPANA can benefit from our service and solutions as part of their core banking project.”
SATHAPANA is a subsidiary of MARUHAN Investment Asia, a financial holding company in Singapore, which has also deployed FLEXCUBE to aid in its digital journey and meet its management-level reporting needs. It also uses other Oracle technologies, including Oracle Database
Learn more about Oracle FLEXCUBE here
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First Myanmar Solution, First Cambodia’s registered office in Myanmar, is a pioneering Cambodian System Integration company, established in 2002 that specializes in providing Total quality IT solutions and networking service. First Cambodia is an ISO certified company with experienced consultants and highly qualified IT professionals, our team delivers world-class services and solutions across a variety of industries and sectors and has proven expertise in Banking, Insurance, Government Institutions, Telco/ ISP, Hospitality/Retail and MNCs/Local Conglomerates.
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