YANGON, Myanmar | MUMBAI, May 02, 2016: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading global IT services, consulting and business solutions organization, has today 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, Rudi Rolles, Managing Director, 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.”
David Soe Lin, Managing Director, AYA trust, 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 AYA trust, 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.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. Our mission is to provide best–of-breed solutions that drive growth, reduce costs, mitigate risk and offer a faster speed-to-market for our clients. With a global customer base of more than 280 institutions operating in over 80 countries, TCS Financial Solutions deliver state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, visit us at www.tcs.com/bancs.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS,infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™, recognised as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 353,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $16.5 billion for year ended March 31, 2016 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
For TCS global news, follow @TCS_News.
Subscribe to an RSS Feed of TCS Press Releases.
TCS Media Contacts:
Phone: +91 22 677 89999
TCS Financial Solutions Media Contacts:
Phone: +1 954 423 3560
Americas, Europe and UK:
Phone: +1 732 331 3084
APAC, India, Middle East and Africa:
Phone: +91 80 6725 6963