Switzerland-based Temenos has signed a multi-country model bank development agreement with digital transformation company Bahwan CyberTek (BCT) in a move to further improve and market Temenos Country Model Banks.
The partnership aims to enhance the rollout of Temenos’ banking solutions in several countries, including India, Nepal, Bangladesh, Sri Lanka, Cambodia, the Philippines, and Taiwan.
Under the terms of the agreement, Bahwan CyberTek will develop and market Temenos Country Model Banks using the latest cloud-native technology. Bahwan CyberTek will also become the Temenos preferred upgrade partner for banks in these markets.
Temenos Country Model Banks provides financial institutions with a faster go-live experience by leveraging Temenos solutions. It also lowers costs and risks through pre-configured banking functionality and country-specific localisation.
Bahwan CyberTek CEO and co-founder S Durgaprasad said: “We are excited to collaborate with Temenos in developing and marketing Country Model Banks, enabling financial institutions in these countries to leverage the latest banking capabilities and technology from Temenos to achieve operational excellence and their digital transformation goals.
“This latest agreement between our companies signifies a significant step forward in empowering financial institutions across these target markets in Asia with innovative banking solutions, ultimately driving growth and enhancing customer experiences.”
According to the Swiss banking software provider, the agreement will enable to scale the competitive advantage as Country Model Banks are seen as the company’s key differentiator.
The agreement will also enable partners in further developing and building new model banks compatible with Temenos’ composable banking solutions and software as a solution (SaaS) offerings.
Temenos chief revenue officer William Moroney said: “We are delighted to extend our strategic relationship with BCT to provide enhanced local functionality and service capability to customers in India, Sri Lanka, Nepal, Bangladesh, Cambodia, Philippines and Taiwan.
“By leveraging the expertise and resources of both companies, this collaboration will enable financial institutions in these markets to deliver innovative and customer-centric banking experiences with greater agility and speed to market while also reducing cost and risk.”
Bahwan CyberTek’s team of more than 4,500 product engineers, digital services practitioners and consultants is expected to facilitate the transformation initiatives of Temenos’ clients in the selected regions.
This latest deal builds on the 2022 strategic partnership between the two companies, which saw Bahwan CyberTek take on the role of marketing, implementing, and supporting Temenos products in India, Sri Lanka, Nepal, and Bhutan.
