Brunei’s Largest Conventional Bank Goes All-In on SaaS With Move to Temenos Banking Cloud

Temenos right now introduced that Baiduri Financial institution, one of many largest suppliers of economic services and products in Brunei, has signed with Temenos for core banking on the Temenos Banking Cloud. With this transfer, Baiduri Financial institution would be the first financial institution in Brunei to function its core banking platform within the cloud underneath the SaaS mannequin.

Baiduri Financial institution serves various buyer segments starting from retail, MSMEs to company and institutional shoppers. It’s a front-runner in delivering digital-first experiences, providing a complete suite of digital options together with an award-winning cellular banking app and devoted enterprise digital banking service.

Changing legacy techniques with Temenos trendy SaaS on Microsoft Azure will allow Baiduri Financial institution to supply superior buyer propositions with personalised choices at a fraction of the time and price. The financial institution will undertake Temenos banking providers for core banking, knowledge analytics and monetary crime mitigation (FCM) to help its retail and company banking, finance and wealth administration operations.

The transfer to Temenos Banking Cloud will start in 2023 and will likely be led by Temenos implementation accomplice Tech Mahindra, a number one supplier of digital transformation, consulting, and enterprise re-engineering providers and options.

Temenos Banking Cloud permits Baiduri Financial institution to progressively renovate its IT panorama utilizing a composable banking strategy to deploy new providers quicker, extra cost-effectively, and at scale. In future, Baiduri Financial institution has ambitions to increase its providing past banking and can leverage Temenos open and composable structure to incorporate different value-added providers that complement the approach to life wants of recent shoppers.

Ti Eng Hui, Chief Govt Officer, Baiduri Financial institution, commented: “Since 2020, we have now launched into a digital transformation journey with the purpose of leveraging expertise to raise operational effectivity, analytical capabilities and finally, buyer expertise. Our core banking mission, a strategic funding would be the subsequent and a most vital milestone on this journey.

“To achieve the fast-evolving digital panorama, we want versatile, scalable options which might be each responsive and environment friendly. Temenos Banking Cloud opens up new alternatives for Baiduri Financial institution by offering immediate entry to world-class banking capabilities and the flexibleness to eat what we want as we want it. Transferring to SaaS for core banking is a primary for a Brunei financial institution and a significant step ahead for Baiduri Financial institution. We engaged IDC to undertake a radical market analysis and Temenos was chosen for its composable structure and breadth of banking providers to fulfill our present and future wants.”

Craig Bennett, Managing Director – APAC, Temenos, mentioned: “We’re proud to welcome Baiduri Financial institution as our newest regional accomplice to the Temenos Banking Cloud. Given our depth of experience in composable banking, we see sturdy take up from banks massive and small throughout the area as they give the impression of being to modernize their expertise stack and profit from the flexibleness and agility of a SaaS platform.”

Vivek Agarwal, President – BFSI, HLS & Company Growth, Tech Mahindra, mentioned, “We’re glad to be chosen as Baiduri Financial institution’s System Integration & Implementation Companion for Temenos Banking Cloud. This win is a testomony to the continual investments in our world Temenos partnership and digital transformation capabilities. We’re absolutely dedicated to the platform modernization roadmap and sit up for working with Baiduri Financial institution on its core transformation journey.”