Cambodia’s Hattha Bank and Egypt’s Midbank tap Temenos for digital finance

Cambodia’s Hattha Bank and Egypt’s Midbank tap Temenos for digital finance

Banking software firm Temenos has announced contract wins in Cambodia and Egypt.

Cambodia’s Hattha Bank will use Temenos Infinity to power the launch of its SME banking business, with seamless customer onboarding allowing the bank to scale rapidly to achieve its vision of reaching 100,000 SMEs with vital funding and business banking services within five years.

Hattha Bank is a subsidiary of Bank of Ayudhya, the fifth-largest commercial bank in Thailand. It was established more than 25 years ago as a microfinance deposit-taking institution and has expanded over time to offer commercial and retail banking services. By selecting Temenos Infinity, Hattha Bank aims to fulfil its socio-economic duty and provide Cambodian SMEs with essential funding and access to frictionless digital banking experiences.

SMEs comprise about 99.8% of all business entities in the country and 58% of GDP. Temenos Infinity’s open and flexible architecture will seamlessly connect to Hattha Bank’s core system and provide instant access to SME banking features, spanning onboarding, user management and entitlements, bulk payments and approvals and account and cash management. With no need for major customization, Hattha Bank can quickly launch the new business line and respond to the needs of Cambodian SMEs navigating through the pandemic.

Oknha Ieng Tong, President and CEO, Hattha Bank, commented: “Temenos supports our objectives, giving us the fastest time-to-value so we can quickly respond to the needs of SMEs seeking critical funding during the pandemic. Temenos’ cloud technology will also provide us with a solid foundation on which we can hyper-scale our operations profitably and meet the needs of hundreds of thousands of SMEs.”

Meanwhile, Egypt’s Midbank - a universal bank providing retail, corporate, and investment banking services – has selected Temenos' open banking platform to power its digital transformation. The bank will implement Temenos Transact as its core product and Temenos Infinity digital banking platform to replace its legacy systems and streamline its systems and processes as part of a visionary IT transformation strategy.

Temenos open technology will allow Midbank to take advantage of the latest fintech innovations to improve its customer service and experience, enabling the bank to grow its customer base and support the Central Bank of Egypt's (CBE) efforts to boost financial inclusion and the transition to a cashless society.

Amr El Garhy, Chairman and Managing Director of MIDBANK, described Midbank’s strategy as “devout to comprehensive development and growth”, adding that it was “projected to help the bank keep pace with the plans and ambitions of the Central Bank of Egypt. The strategy also aspires to expand retail banking product and service provisioning, which rely on the latest digital and technological means. Additionally, it aims at diversifying the customer base and banking activities.”

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