Temenos (SIX: TEMN) today announced that it has signed an agreement to grant license rights to NdcTech, a wholly owned subsidiary of Systems Limited and one of its largest regional system integrators partners, to develop further and market the Temenos Country Model Banks on top of Temenos open platform for financial institutions in these seven Middle Eastern countries.
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NdcTech is committed to invest
and develop regulatory and business-specific localized functionality to enhance
these Model Banks for banks of all sizes in Bahrain, Kuwait, Oman, Pakistan,
Qatar, Saudi Arabia and the United Arab Emirates.
As part of this agreement,
NdcTech will become a trusted partner for upgrade services in those countries
to enable customers to seamlessly upgrade their technology stack and offer them
a modernization path to a SaaS model on the Temenos Banking Cloud.
Temenos holds a leading position
in the region and boasts a raft of clients across these seven countries
including some of the largest and most innovative institutions in the Middle
East from Al-Rajhi Bank, to First Abu Dhabi Bank to stc pay. All Temenos
clients will be able to work with NdcTech and Temenos to enhance the Model
Banks and contribute to the product roadmap.
Country Model Banks are a key
differentiator for Temenos. By enabling partners to develop new country models,
Temenos is able to scale this competitive advantage, rapidly building new model
banks compatible with the banking services on Temenos composable platform and
available for instant deployment on Temenos Banking Cloud.
NdcTech is one of the largest
System Integrators and partner for Temenos in the Middle East and Africa. The
company’s rich engineering expertise, in-depth knowledge of modern banking
platforms and unique development methodologies have led to this strategic
collaboration. Working together, NdcTech
and Temenos will open up new business opportunities and drive revenue growth
among existing clients through cross-selling by incorporating regulatory requirements
and innovations relevant to local market practices.
William Moroney, Managing
Director, Middle East and Africa at Temenos, said, “We are excited to announce
this agreement with NdcTech, which expands our addressable market and opens new
opportunities for growth in these seven counties in the Middle East. NdcTech
will invest in the Country Model Banks to accelerate our competitiveness in the
region by delivering local IP such as market specific products. With these
partnerships we bring additional investment in our platform and scale in
specific countries which ultimately delivers incremental growth.”
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Ammara Masood, CEO, NdcTech,
said, “We are delighted to be granted this license by Temenos to develop
Country Model Banks in Pakistan and in the Gulf Cooperation Council (GCC)
region. This milestone is a testament to our capabilities as a long-standing
partner of Temenos. Our deep knowledge of global market practices and
regulations coupled with expertise in modern architectures has enabled us to be
the trusted partner for the region’s pioneering banks. This region is full of
potential, and now we are not only driven but also equipped to extend our
footprint by collaborating with leading banks in this space.”
Systems Limited is excited as
this will be a great opportunity for Temenos and NdcTech to innovate and
deliver value to all the banks and financial institutions in those seven
countries.
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