Temenos (SIX: TEMN) today announced that it has signed an agreement to grant license rights to NdcTech, a wholly owned subsidiary of Systems Limited and one of its largest regional system integrators partners, to develop further and market the Temenos Country Model Banks on top of Temenos open platform for financial institutions in these seven Middle Eastern countries.
NdcTech is committed to invest and develop regulatory and business-specific localized functionality to enhance these Model Banks for banks of all sizes in Bahrain, Kuwait, Oman, Pakistan, Qatar, Saudi Arabia and the United Arab Emirates.
As part of this agreement, NdcTech will become a trusted partner for upgrade services in those countries to enable customers to seamlessly upgrade their technology stack and offer them a modernization path to a SaaS model on the Temenos Banking Cloud.
Temenos holds a leading position in the region and boasts a raft of clients across these seven countries including some of the largest and most innovative institutions in the Middle East from Al-Rajhi Bank, to First Abu Dhabi Bank to stc pay. All Temenos clients will be able to work with NdcTech and Temenos to enhance the Model Banks and contribute to the product roadmap.
Country Model Banks are a key differentiator for Temenos. By enabling partners to develop new country models, Temenos is able to scale this competitive advantage, rapidly building new model banks 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 Integrators and partner for Temenos in the Middle East and Africa. The company’s rich engineering expertise, in-depth knowledge of modern banking platforms and unique development methodologies have led to this strategic collaboration. Working together, NdcTech and Temenos will open up new business opportunities and drive revenue growth among existing clients through cross-selling by incorporating regulatory requirements and innovations relevant to local market practices.
William Moroney, Managing Director, Middle East and Africa at Temenos, said, “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.”
Ammara Masood, CEO, NdcTech, said, “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.”
Systems Limited is excited as this will be a great opportunity for Temenos and NdcTech to innovate and deliver value to all the banks and financial institutions in those seven countries.