Brunei’s Baiduri Bank has partnered with Temenos, the banking and financial services software provider, to move its core banking services to the cloud.
Baiduri Bank will adopt Temenos banking services for core banking as well as data analytics and financial crime mitigation to support its retail and corporate banking, finance and wealth management operations.
The partnership with Temenos forms part of a wider digital transformation project, according to Ti Eng Hui, chief executive officer of Baiduri Bank.
Ti said: “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.”
The digital-first bank serves retail, corporate and institutional clients through a consumer mobile banking app and a dedicated digital banking service for businesses.
It is also adopting technologies such as artificial intelligence, robotic process automation and automating existing workflows.
The move to Temenos Banking Cloud will commence next year. Tech Mahindra, an India-based IT services provider, is overseeing the implementation.
Vivek Agarwal, president at Tech Mahindra, added: “This win is a testament to the continuous investments in our global Temenos partnership and digital transformation capabilities.”
In the future, Baiduri Bank plans to expand beyond banking. Ti elaborated: “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.”
Temenos has seen a strong uptake from banks across the region that are looking to update their technology and benefit from its SaaS platform.
Geneva-headquartered Temenos serves over 3,000 banks in more than 150 countries.
Image: Baiduri Bank