Brunei’s Baiduri Bank Selects Temenos to Make Its Cloud Moveby Fintech News Singapore November 3, 2022
Brunei’s Baiduri Bank has partnered with banking software company Temenos to operate its core banking platform in the cloud under the SaaS model. The bank claims to be the first in Brunei to do so.
Through this partnership, the bank will be replacing its legacy systems with Temenos’ modern SaaS on Microsoft Azure to offer personalised offerings at a fraction of the time and cost.
Baiduri 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.
The move to Temenos Banking Cloud will commence in 2023 and will be led by Temenos implementation partner Tech Mahindra, a provider of digital transformation, consulting, and business re-engineering services and solutions.
Baiduri said that it has plans to extend its offering beyond banking and will leverage Temenos open and composable architecture to include other value-added services for its consumers.
Ti Eng Hui, Chief Executive Officer, Baiduri Bank said,
“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.”
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 modernize their technology stack and benefit from the flexibility and agility of a SaaS platform.”