sitemaps.org/schemas/sitemap/0.9/sitemap.xsd BrandArena: Sombank Selects Temenos Cloud-Native Technology to Deliver Digital Islamic Banking Services in Somalia

Thursday, 13 August 2020

Sombank Selects Temenos Cloud-Native Technology to Deliver Digital Islamic Banking Services in Somalia

Sombank selects Temenos Islamic Banking to create innovative financial products to help with the country’s economic growth, leveraging the market-leading capabilities of Temenos Infinity and Temenos Transact; Temenos cloud platform will enable Sombank to reduce time and cost in deploying digital banking products designed to increase access to financial services to all Somali speaking populations; Temenos technology will enable Sombank to accelerate digital transformation and offer a unified banking experience to customers in branch and online.

Temenos (SIX: TEMN), the banking software company, today announced that Sombank, a privately owned Islamic bank in Somalia, has selected the Temenos Islamic Banking solution in the cloud to accelerate its digital transformation and create innovative products to increase access to financial services in Somalia.

Sombank will implement the full front-to-back Temenos Islamic Banking platform combining the market-leading capabilities of Temenos Infinity and Temenos Transact. The platform’s scalable innovative technology provides superior features for lslamic banks to offer their customers Shari’ah compliant products and the best digital experience. The cloud-native solution will enable Sombank to design and launch customized digital products more quickly while also reducing its operating costs.

Financial inclusion is core to Sombank’s mission. Temenos’ cloud-native technology will allow Sombank to create innovative digital products and offer lower cost services that are more accessible to all Somalians via a mobile device, including current and savings accounts for individuals and small businesses as well as the latest mobile money products.

A recent report (https://bit.ly/3izoMnk) produced for Temenos by the Economist Intelligence Unit found that Governments across the Middle East and Africa regions are increasingly embracing digital agendas to encourage financial inclusion and accelerate digital banking and a cashless economy. According to the report, smart phone use expected to hit 74% in the region by 2025 and the affordability of smartphones is a key driver in the development of mobile-only and mobile-first banks.

Currently, Sombank serves customers via branch and online network and representative offices throughout Somalia. Sombank will use the Temenos Infinity digital front office to create a unified customer experience for all financial and non-financial services across all channels, helping its staff serve customers faster in branch and online.

Mr. Garad Khalif. Nor, CEO, SomBank, stated: “We are excited to partner with Temenos to deliver next-generation digital experiences to Somalian customers. We selected Temenos because of its worldwide reputation, cutting-edge technology, and regional expertise in Africa. While we are a relatively new bank, Sombank has big ambitions to play a significant role in rebuilding the country’s financial infrastructure by improving access to financial services throughout Somalia and beyond. Implementing the Temenos banking platform in the cloud will allow us to achieve rapid time to value for new digital products and the cost savings to fulfil this vision.”

Jean-Paul Mergeai, Managing Director – Middle-East & Africa, Temenos, commented: “We are delighted that Sombank has selected Temenos Islamic Banking to advance its digital banking strategy. Temenos has a strong presence in Africa and a track record helping Islamic Banks with their digital transformation. For over 20 years, Temenos has been empowering the Islamic finance community with flexible and innovative Shari’ah compliant solutions that are specifically designed to improve customer experiences. Sombank has challenged itself to be the leading Islamic Bank in the region and this implementation is a big step forward as it embarks on this exciting new phase of its journey.”

3 comments:

  1. Hello everyone, Are you into trading or just wish to give it a try, please becareful on the platform you choose to invest on and the manager you choose to manage your account because that’s where failure starts from be wise. After reading so much comment i had to give trading tips a try, I have to come to the conclusion that binary options pays massively but the masses has refused to show us the right way to earn That’s why I have to give trading tips the accolades because they have been so helpful to traders . For a free masterclass strategy kindly contact (paytondyian699@gmail.com) for a free masterclass strategy. He'll give you a free tutors on how you can earn and recover your losses in trading for free..

    ReplyDelete
  2. Then again, in the event that you are invaded with mice, at that point the open door exists to improve an item utilizing your innovation. devdiscussions.com

    ReplyDelete
  3. transistors Leader in developing embedded system projects, providing Engineering and SCADA solutions using Raspberry pi, Arduino and more....

    ReplyDelete