Temenos (SIX: TEMN) announced today that it has entered into a license agreement with NdcTech, a fully owned subsidiary of Systems Limited and one of its largest regional system integrator partners, to further develop and market the Temenos Country Model Banks for financial institutions in these seven Middle Eastern nations on top of the Temenos open platform.
In order to improve these Model Banks for banks of all sizes in Bahrain, Kuwait, Oman, Pakistan, Qatar, Saudi Arabia, and the United Arab Emirates, NdcTech is committed to investing in and developing localized functionality that is unique to local business needs and regulatory requirements.
As part of the arrangement, NdcTech will establish itself as a reliable partner for upgrade services in those nations, giving customers access to a modernization path that includes a SaaS model on the Temenos Banking Cloud. This will allow customers to effortlessly upgrade their technological stack.
Temenos is a leader in the region and has a wide range of clients in these seven nations, including some of the biggest and most cutting-edge organizations in the Middle East, such as Al-Rajhi Bank, First Abu Dhabi Bank, and STC pay. All Temenos customers will have the opportunity to collaborate with NdcTech to improve the Model Banks and shape the product roadmap.
Temenos’ primary point of differentiation is its Country Model Banks. Temenos is able to grow this competitive advantage by empowering partners to create new country models, quickly creating new model banks that are compatible with the banking services on Temenos’ composable platform and readily available for immediate deployment on Temenos Banking Cloud.
One of the biggest System Integrators and Temenos partners in the Middle East and Africa is NdcTech. This strategic relationship is the result of the company’s extensive engineering experience, in-depth understanding of contemporary banking platforms, and distinctive development techniques.
By combining their efforts, both companies will create new business prospects, increase revenue from current clients through cross-selling, and take advantage of regional market trends and regulatory needs.
“It thrills us to announce this deal with NdcTech, which widens our addressable market and provides new potential for growth in these seven counties in the Middle East,” said William Moroney, Temenos’ Managing Director for the Middle East and Africa.
“NdcTech will invest in the Country Model Banks to supply local IP like market-specific solutions, hence accelerating our competitiveness in the region. With these collaborations, we increase investment in our platform and scale in particular nations, resulting in incremental growth, he continued.
Visit CxO Global FORUM or CxO News Live for all the latest updates.