Tata Consultancy Services (TCS) has announced that the two largest banks in Myanmar, KBZSC and AYA Trust were able to participate in the historic opening of the Yangon Stock Exchange (YSX) with two parallel deployments of the TCS BaNCS for Securities Trading and Settlement. The two banks cumulatively process about 80 percent of the country’s total equity transactions. The commencement of stock trading marks a new chapter in the history of Myanmar, and the establishment of its domestic capital markets stands as an important milestone towards fuller participation in the world economy.
Commenting on this landmark event, Mr. Rudi Rolles, Managing Director of KBZSC, said “TCS is now part of the history of Myanmar I was pleased and impressed by the talent, skill and experience shown by the TCS team in customizing and implementing the trading system within three months. Their dedication to the project and goal-based, action-oriented approaches are much appreciated”
Mr. David Soe Lin, Managing Director of AYAtrust, commented “With only three months to build an entire brokerage, TCS overcame many operational, technical and market structure reforms related challenges to enable us to go live on TCS BaNCS. The functionality and flexibility of TCS BaNCS’ ‘exceeded our expectations and got us to the finish line.”
Ajay Wadkar, Regional Director – Asia-Pacific, TCS Financial Solutions, remarked: “It is not often that we get an opportunity to play such a critical role in the birthing process of a nation’s capital markets. We are committed to strengthening market infrastructures throughout the region, and we hope that TCS BaNCS can play a role in empowering key players in their important nation-building efforts.”
KBZ Group, the parent company of KBZ Bank, formed a joint venture with Stirling Coleman Capital Ltd., an independent corporate finance advisory firm based in Singapore. The joint venture, KBZSC, provides broker-dealer and investment advisory services, and also underwrites new company listings on YSX. KBZ Bank was also named as the fund settlement bank for cash settlement on stock trading at YSX.
AYA Trust Securities Company, or AYAtrust, the underwriting and broker-dealer business of AYA Bank, provides corporate finance, advisory and underwriting services. AYA Bank, the second-largest bank in Myanmar, has been recognized for its governance and sustainability efforts by World Finance magazine, and since 2012 has been a participant of the United Nations Global Compact corporate sustainability initiative.
TCS Financial Solutions will continue to enable the development of Myanmar’s capital markets and is also working on a hosting option with a local partner to be made available soon. TCS Financial Solutions will also support Myanmar financial institutions with complementary solutions for financial inclusion, insurance and core banking.
TCS provides a full range of business consulting services, enabling financial institutions to expand their offerings with new operations based upon the embedded business processes and best practices in the TCS BaNCS solution.