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.