December 15, 2022
Temenos announced to grant license rights to NdcTech, one of its largest regional system integrators partners and a wholly owned subsidiary of Systems Limited, to develop further and market the Temenos Country Model Banks on top of Temenos open platform for financial institutions in the seven Middle Eastern countries of GCC region.
NdcTech is dedicated to investing in and enhancing localized functionalities for these Model Banks, catering to financial institutions in Bahrain, Kuwait, Oman, Pakistan, Qatar, Saudi Arabia, and the United Arab Emirates, regardless of their size.
Under this agreement, NdcTech will establish itself as a reliable partner for upgrade services in those countries. This will enable customers to smoothly upgrade their technology stack and embrace a modernization path toward a SaaS model on the Temenos Banking Cloud.
Temenos retains a leading position in the region and boasts a large clientele across these seven countries including some of the largest and most innovative institutions in the Middle East including Al-Rajhi Bank, First Abu Dhabi Bank and Stc Pay. All Temenos clients will be able to collaborate with NdcTech and Temenos to enhance the Model Banks as well as contribute to the product roadmap.
Country Model Banks are a key differentiator for Temenos. Temenos is able to scale this competitive advantage by enabling partners to rapidly develop new country models that are compatible with the banking services on Temenos composable platform and available for instant deployment on Temenos Banking Cloud.
NdcTech is one of the largest System Integrator and a leading regional partner for Temenos in Middle East and Africa. The company’s rich engineering expertise, in-depth knowledge of modern banking solutions and distinct development methodologies have resulted in this strategic collaboration. With this strategic development, NdcTech and Temenos will be able to explore new business opportunities and stimulate revenue growth among current clients via cross-selling. This will involve integrating regulatory requirements and innovations that align with local market practices.
We are delighted to be granted this license by Temenos to develop Country Model Banks in Pakistan and in the Gulf Cooperation Council (GCC) region. This milestone is a testament to our capabilities as a long-standing partner of Temenos. Our deep knowledge of global market practices and regulations coupled with expertise in modern architectures has enabled us to be the trusted partner for the region’s pioneering banks. This region is full of potential, and now we are not only driven but also equipped to extend our footprint by collaborating with leading banks in this space.
Global Industries GM Banking and Financial Services, Systems Limited
We are excited to announce this agreement with NdcTech, which expands our addressable market and opens new opportunities for growth in these seven counties in the Middle East. NdcTech will invest in the Country Model Banks to accelerate our competitiveness in the region by delivering local IP such as market specific products. With these partnerships we bring additional investment in our platform and scale in specific countries which ultimately delivers incremental growth.
Managing Director, MEA, Temenos