Baiduri Bank signed an agreement today with Temenos, the world’s leading open platform for composable banking, for running its core banking services on a SaaS platform in the 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.
The signing event took place at the Raffles City Convention Centre, Singapore. Signing on behalf of the Bank was its Chief Executive Officer, Ti Eng Hui, while Craig Bennett, Managing Director, APAC signed on behalf of Temenos. The event was also attended by senior executives from both companies as well as Temenos implementation partner Tech Mahindra, a leading provider of digital transformation, consulting, and business re-engineering services and solutions.
As a front runner in delivering digital-first experiences, Baiduri Bank offers a comprehensive suite of digital solutions including its award-winning mobile banking app, Baiduri b.Digital Personal and dedicated business digital internet banking service, Baiduri b.Digital Business. The Bank has also been adopting modern technologies including artificial intelligence, Robotic Process Automation (RPA) and new microservices to help automate existing workflows.
Ti Eng Hui, Chief Executive Officer of 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.”
Headquartered in Geneva, Temenos serves over 3000 banks from the largest to challengers and community banks in more than 150 countries by helping them build new banking services and state-of-the-art customer experiences.
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 modernise 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 modernisation roadmap and look forward to working with Baiduri Bank on its core transformation journey.”
New cloud solutions use data and applied analytics to enhance digital customer experiences, improve back-office efficiency, reduce risk and support innovation.
Replacing legacy systems with Temenos modern SaaS platform will enable Baiduri Bank to offer superior customer propositions with personalised 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.
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. This can result in increased customer insights, improved efficiency, enhanced innovation, greater agility, and a reduced risk of security or business continuity breaches.
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.
