Reem Finance, a corporate and retail finance firm regulated by the UAE Central Bank, has partnered with Swiss banking software provider Temenos to develop a digital community bank in the UAE.
The implementation of Temenos’ cloud-based core banking solution is part of Reem Finance’s broader digital transformation strategy to improve service capabilities.
The new digital community bank is expected to help Reem Finance to deliver faster and more adaptable financial services to address the evolving needs of its diverse customer base.
Temenos’ platform, offered as software-as-a-service (SaaS), will equip Reem Finance with comprehensive retail and corporate banking functionality, said the Swiss banking software provider.
Temenos chief revenue officer William Moroney said: “Temenos is proud to support Reem Finance in launching their new digital community bank. We have a strong presence in the Middle East, expertise in cloud banking and a track record of client success across the region.
“By leveraging Temenos’ cloud-based platform, Reem Finance is well-positioned to deliver next-generation financial services and continue its mission to drive financial inclusion and innovation across the UAE.”
The solution also includes localisation and built-in features to improve the bank’s capability to meet its compliance requirements.
In addition, the partnership will enable Reem Finance to achieve accelerated time as well as scale its operations efficiently to match growing demand.
Reem Finance’s new digital community bank expects to leverage the functionality of Temenos’ core banking, payments, and data analytics solutions.
These capabilities will support the bank to offer a range of financial products for individual and business customers along with streamlining banking processes to minimise costs and risks.
Reem Finance CEO Seraj Faidi said: “Temenos’ cutting-edge SaaS platform will enable us to rapidly innovate and scale up, deliver exceptional customer experiences, and stay ahead of the curve in a fast-moving market.
“The cloud-based Temenos solution has a pivotal role in our tech stack, and it enables us to connect across infrastructure and manage the most critical customer and business data.”
