Temenos (SIX: TEMN) today announced that Baiduri Bank, one of the largest providers of financial products and services in Brunei, has signed with Temenos for core banking on the Temenos Banking Cloud.
With this move, Baiduri Bank will be the first bank in Brunei to operate its core banking platform in the cloud under the SaaS model.
Baiduri Bank serves diverse customer segments ranging from retail, MSMEs to corporate and institutional clients. It is a front runner in delivering digital-first experiences, offering a comprehensive suite of digital solutions including an award-winning mobile banking app and dedicated business digital banking service.
Replacing legacy systems with Temenos modern SaaS on Microsoft Azure will enable Baiduri Bank to offer superior customer propositions with personalized offerings at a fraction of the time and cost. The bank will adopt Temenos banking services for core banking, data analytics and financial crime mitigation (FCM) to support its retail and corporate banking, finance and wealth management operations.
The move to Temenos Banking Cloud will commence in 2023 and will be led by Temenos implementation partner Tech Mahindra, a leading provider of digital transformation, consulting, and business re-engineering services and solutions.
Temenos Banking Cloud allows Baiduri Bank to progressively renovate its IT landscape using a composable banking approach to deploy new services faster, more cost-effectively, at scale. In future, Baiduri Bank has ambitions to extend its offering beyond banking and will leverage Temenos open and composable architecture to include other value-added services that complement the lifestyle needs of the modern consumers.
Ti Eng Hui, Chief Executive Officer, Baiduri Bank, commented: “Since 2020, we have embarked on a digital transformation journey with the aim of leveraging technology to elevate operational efficiency, analytical capabilities and ultimately, customer experience. Our core banking project, a strategic investment will be the next, and most significant milestone in this journey.
“To succeed in the fast-evolving digital landscape, we need flexible, scalable solutions that are both responsive and efficient. Temenos Banking Cloud opens up new opportunities for Baiduri Bank by providing instant access to world-class banking capabilities and the flexibility to consume what we need as we need it. Moving to SaaS for core banking is a first for a Brunei bank and a major step forward for Baiduri Bank. We engaged IDC to undertake a thorough market evaluation and Temenos was selected for its composable architecture and breadth of banking services to meet our current and future needs.”
Craig Bennett, Managing Director - APAC, Temenos, said: “We are proud to welcome Baiduri Bank as our latest regional partner to the Temenos Banking Cloud. Given our depth of expertise in composable banking, we see strong take up from banks big and small across the region as they look to modernize their technology stack and benefit from the flexibility and agility of a SaaS platform.”
Vivek Agarwal, President - BFSI, HLS & Corporate Development, Tech Mahindra, said, “We are happy to be selected as Baiduri Bank’s System Integration & Implementation Partner for Temenos Banking Cloud. This win is a testament to the continuous investments in our global Temenos partnership and digital transformation capabilities. We are fully committed to the platform modernization roadmap and look forward to working with Baiduri Bank on its core transformation journey.”