Myanmar’s FDB Bank signs for Oracle’s Flexcube core banking system
Farmers Development Bank (FDB Bank), a new bank in Myanmar, has signed up for Oracle’s Flexcube core banking system.
FDB Bank signs core banking agreement with Oracle
The signing and project kick-off took place this week in Yangon, and will see the new digital bank adopt Oracle’s core banking system to provide “accurate, fast and reliable” banking services to its customers.
Founded and approved by the Central Bank of Myanmar in 2020, FDB Bank aims to become a leading digital commercial bank focusing on small and medium-sized enterprises (SMEs) in Myanmar. Its product offerings include savings accounts and fixed deposit accounts, debit cards, and a mobile banking application.
FDB Bank says it plans to deploy tools such as digital onboarding, biometrics registrations, and automatic credit analytics, for which it has “selected and is deploying one of the latest core-banking technologies available on the market”.
It adds that the core banking system supports mobile and internet banking, digital centers and agent networks in order to serve customers “beyond banking hours”, as well as straight-through internal processing to reduce turnaround time for customers.
A string of partnerships
The budding bank in Myanmar isn’t the only one signing up for Oracle FS’s Flexcube solution.
In 2023 alone, the technology giant has signed several agreements. Most recently, in April, Ethiopia’s OMO Bank partnered Oracle FS and its integration partner Profinch to modernise its core banking software.
In February, Teachers Savings and Loan Society (TISA), the largest savings and loans society in Papua New Guinea, signed for Flexcube core, as did Japan’s Mizuho Bank. January saw a host of takers for the core banking system.
