Reem Finance, a corporate and retail finance specialist regulated by the UAE Central Bank, has selected Temenos, the composable banking platform, to power a new digital community bank in the United Arab Emirates.
Transitioning to a cloud-based solution from Temenos is part of a broader strategy for Reem Finance, as it looks to embrace digital transformation and enhance its service offerings. With its new digital community bank, Reem Finance hopes to deliver faster, more flexible banking services that meet the growing needs of a diverse and dynamic customer base.
Reem Finance chose Temenos’ market-leading core banking solution for its comprehensive retail and corporate core banking functionality with localisation and built-in tools to enhance the bank’s capability to address its compliance requirements.
Seraj Faidi, CEO of Reem Finance, commented: “We are excited to partner with Temenos to launch our digital community bank in the UAE. Temenos’ cutting-edge SaaS platform will enable us to rapidly innovate and scale up, deliver exceptional customer experiences, and stay ahead of the curve in a fast-moving market.
“The cloud-based Temenos solution has a pivotal role in our tech stack, and it enables us to connect across infrastructure and manage the most critical customer and business data. This collaboration will help us transform the way banking services are delivered in the UAE, with a focus on providing accessible, seamless, and scalable financial solutions to both retail and corporate customers.”
Temenos will deliver its cloud-based solution as Software-as-a-Service (SaaS), enabling Reem Finance to accelerate its time to market and scale its operations efficiently as demand grows.
Optimising banking processes
The functionality of Temenos’ core banking, payments and data analytics solutions will enable Reem Finance’s new Digital Community Bank to provide a range of financial products to individual and business customers while optimising banking processes to reduce cost and risk.
William Moroney, chief revenue officer at Temenos, added: “Temenos is proud to support Reem Finance in launching their new digital community bank. We have a strong presence in the Middle East, expertise in cloud banking and a track record of client success across the region.”
This approach unlocks new growth opportunities, positioning Reem Finance as a key player in the UAE’s rapidly evolving banking landscape.
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