Baiduri Bank of Brunei is set to replace its legacy system to become the first bank in the country to run its core banking platform in the cloud under the SaaS model.
The bank has tapped Temenos for its core banking services on the Temenos Banking Cloud. The move will commence in 2023 and will be led by Temenos implementation partner Tech Mahindra, a leading provider of digital transformation, consulting, and business re-engineering services and solutions.
“Since 2020, we have embarked on a digital transformation journey with the aim of leveraging technology to elevate operational efficiency, analytical capabilities and ultimately, customer experience. Our core banking project, a strategic investment will be the next, and most significant milestone in this journey,” said Ti Eng Hui, CEO, Baiduri Bank, said.
By replacing legacy systems with Temenos modern SaaS on Microsoft Azure, Baiduri Bank hopes to offer superior customer propositions with personalised offerings at a fraction of the time and cost. The bank 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.
“To succeed in the fast-evolving digital landscape, we need flexible, scalable solutions that are both responsive and efficient. 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,” said Ti.
Temenos Banking Cloud allows Baiduri Bank to progressively renovate its IT landscape using a composable banking approach to deploy new services faster, more cost-effectively, at scale.
In future, Baiduri Bank has ambitions to extend its offering beyond banking and will leverage Temenos open and composable architecture to include other value-added services that complement the lifestyle needs of the modern consumers.
“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,” said Craig Bennett, managing director – APAC at Temenos.
Baiduri Bank serves diverse customer segments ranging from retail, MSMEs to corporate and institutional clients. It is a front runner in delivering digital-first experiences, offering a comprehensive suite of digital solutions including a mobile banking app and dedicated business digital banking service.
