Baiduri Bank makes strategic investment in shift to cloud banking

Baiduri Bank yesterday signed an agreement with Temenos, the world’s first open platform for composable banking, to run its core banking services on a cloud-based SaaS platform. With this move, Baiduri Bank will be the first bank in Brunei to operate its core cloud banking platform under the SaaS model.

The signing event took place at Raffles City Convention Centre, Singapore. CEO Ti Eng Hui signed on behalf of Baiduri Bank, while Managing Director-APAC Craig Bennett signed on behalf of Temenos. The event also brought together senior executives from both companies as well as Temenos’ implementation partner, Tech Mahindra, a leading provider of digital transformation, consulting and business reengineering services and solutions.

As a leader in providing digital-first experiences, Baiduri Bank offers a full suite of digital solutions, including its award-winning mobile banking app, Baiduri b.Digital Personal and a dedicated Internet-based digital banking service for businesses. , Baiduri b.Digital Business. The bank has also embraced modern technologies including artificial intelligence, robotic process automation (RPA) and new microservices to help automate existing workflows.

Ti commented, “Since 2020, we have embarked on a digital transformation journey with the goal of leveraging technology to improve operational efficiency, analytics capabilities and ultimately customer experience. Our main banking project, a strategic investment, will be the next and most important step in this journey.

Baiduri Bank CEO Ti Eng Hui and APAC Managing Director Craig Bennett at the event. PHOTO: BAIDURI BANK

“To succeed in a rapidly changing digital landscape, we need flexible and scalable solutions that are both responsive and efficient. Temenos Banking Cloud unlocks new opportunities for Baiduri Bank by providing instant access to world-class banking capabilities and the flexibility to consume what we need when we need it. The shift to SaaS for basic banking services is a first for a Brunei bank and a major step forward for Baiduri Bank. We engaged IDC to undertake a thorough market assessment and Temenos was selected for its composable architecture and breadth of banking services to meet our current and future needs.

Based in Geneva, Temenos serves more than 3,000 banks, from the largest to challengers and community banks in more than 150 countries by helping them create new banking services and customer experiences at the cutting edge of technology.

Bennett said, “We are proud to welcome Baiduri Bank as the latest regional Temenos Banking Cloud partner. Given our deep expertise in composable banking, we are seeing strong adoption by banks large and small in the region as they seek to modernize their technology stack and benefit from the flexibility and agility of a SaaS platform.

President – BFSI, HLS & Corporate Development, Tech Mahindra Vivek Agarwal said, “We are pleased to have been selected as Baiduri Bank’s system integration and implementation partner for Temenos Banking Cloud. This win demonstrates continued investment in our global Temenos partnership and digital transformation capabilities. We are fully committed to the platform modernization roadmap and look forward to working with Baiduri Bank on its core transformation journey. »

New cloud solutions use data and applied analytics to improve digital customer experiences, improve back-office efficiency, reduce risk and support innovation.

Replacing legacy systems with Temenos’ modern SaaS platform will enable Baiduri Bank to offer its customers superior propositions with personalized offers at a fraction of the time and cost. The bank will adopt Temenos banking services for core banking, data analytics and Financial Crime Mitigation (FCM) to support its retail and corporate banking, finance and management operations of heritage.

Temenos Banking Cloud enables Baiduri Bank to gradually renovate its IT landscape using a composable banking approach to deploy new services faster, more cost-effectively and at scale. This can result in better understanding of customers, improved efficiency, increased innovation, greater agility, and reduced risk of security breaches or business continuity.

Going forward, Baiduri Bank has ambitions to expand its offering beyond banking and will build on Temenos’ open and composable architecture to include other value-added services that complement style needs. life of modern consumers.