Swiss banking software provider Temenos has been selected by Kuwait-based Islamic bank Boubyan Bank to transform the latter’s core banking systems.
Through the partnership, Boubyan Bank will migrate to the Swiss banking software provider’s core banking platform for retail, corporate banking and wealth management.
This upgrade is expected to enhance business agility and operational efficiency for the Kuwaiti bank.
The new platform will provide Boubyan Bank with advanced banking capabilities, including rich Islamic banking functionality within an open, cloud-native, application programming interface (API)-first architecture.
It will enable the bank to expedite the launch of new products and deliver a customised banking experience to its clients.
Boubyan Bank is said to be the third largest bank in the Kuwaiti market in terms of financing portfolio and total assets. The bank also maintains an international presence through its UK subsidiary, the Bank of London and the Middle East (BLME), and its Sharia-compliant digital bank Nomo.
Boubyan Bank vice-chairman and CEO Adel Abdul Wahab Al-Majed said: “We chose to partner with Temenos because it is the trusted banking platform for banks globally with the most advanced technology and rich Islamic banking functionality.
“Temenos gives us access to a wide range of banking services, digital capabilities, and innovative products to continue to enhance the experience, foster trust, and build long-lasting relationships with our customers.”
By transforming its core banking platform with Temenos, Boubyan Bank aims to solidify its position as a leading Islamic bank in the world, delivering innovative digital products and services to customers.
Temenos’ product building capabilities will allow Boubyan Bank to get to market with new products easily, capitalise on new market opportunities as well as respond to changing market conditions.
Temenos chief revenue officer William Moroney said: “Temenos is proud to be selected as the technology partner for Boubyan Bank. As one of the largest Islamic banks in Kuwait and with a growing international footprint, Boubyan is a key signing for Temenos.
“Our collaboration with Boubyan shows we have a compelling Islamic banking solution tailored for the needs of Kuwaiti banks and opens new opportunities for Temenos in this market.”
Last week, Latin American investment management and advisory company Credicorp Capital went live on Temenos Multifonds delivered as software-as-a-service (SaaS). It went live with 71 funds on Temenos Multifonds Global Accounting and Global Investor Servicing.
