GENEVA, Switzerland, November 1, 2021/ Temenos (NASDAQ: TEMN) (www.Temenos.com), a banking software business, announced today that MIDBANK, an Egyptian universal bank that offers retail, corporate, and investment banking services, has chosen Temenos’ open banking platform to fuel its digital transformation. As part of a comprehensive IT transformation strategy, the bank will adopt Temenos Transact as its core product and the Temenos Infinity digital banking platform to replace outdated systems and streamline systems and processes.
MIDBANK will be able to meet future customer needs as well as the bank’s strategic goals as an agile, high-touch, and high-tech bank thanks to the Temenos banking platform.
Temenos’ modern technology stack will allow the bank to offer new and improved digital banking services to its consumers. MIDBANK will also be able to benefit from the newest financial technologies thanks to Temenos open technology, which will improve customer service and experience. Ultimately, this would allow the bank to expand its customer base while also assisting the Central Bank of Egypt (CBE) in its efforts to increase financial inclusion and the transition to a cashless society.
MIDBANK intends to move its existing banking services to Temenos Transact, including all retail and corporate accounts, savings and card facilities, as well as trade finance, treasury, investment, and other products and services. It will also use Temenos Infinity to overhaul and launch its mobile and online banking, delivering new digital experiences to differentiate its offering and meet the growing demand for digital banking products and services among individual and business customers.
“We are excited to support MIDBANK, a forward-thinking bank with a high reputation in Egypt, on its digital transformation,” stated Jean-Paul Mergeai, President Of International Sales, Temenos. Temenos’ mission is to achieve operational excellence, deliver the digital services and experiences that customers want, and make financial services more accessible to all. Temenos is the perfect partner for MIDBANK since it has a strong local presence and extensive banking experience in Egypt, having worked with many of the country’s largest institutions.
Embracing our model bank strategy and leveraging our unique knowledge and experience will ensure rapid growth and a seamless modernisation route for the bank.”
“MIDBANK launched on a plan that is committed to complete development and expansion,” said Amr El Garhy, Chairman and Managing Director of MIDBANK. This is primarily expected to assist the bank in keeping up with the Central Bank of Egypt’s aims and ambitions. The strategy also aims to expand retail banking product and service delivery through the use of cutting-edge digital and technology tools. It also intends to broaden the consumer base and banking activities.
We are proud to have partnered with Temenos, the world’s leading financial software business, to grow our technological framework while offering sophisticated digital channels, goods, and services.”
Chairman Consultant for Digital Transformation and Restructuring at MIDBANK, Sameh Montaser, added: “The vision of MIDBANK places a strong emphasis on the development of technology infrastructure, ensuring the bank’s readiness to offer clients the most up-to-date banking products and services.
The new cooperation with Temenos is a direct reflection of our new tagline, “Empowering Your Future,” which emphasizes the importance of increasing technology and digital services. We are particularly interested in modernizing the Core Banking System, which covers retail banking, corporate banking, credit, payments, trade finance, treasury, and many support operations that serve the bank’s current and future business needs.”
Temenos has a strong presence in the region, with MIDBANK joining a long list of leading Egyptian institutions who have chosen Temenos for their digital transformation projects.