Al Ain Finance has selected Temenos to provide a front-to-back software-as-a-service (SaaS) digital banking solution to small and medium-sized enterprises (SMEs).
Temenos SaaS will administer Temenos Infinity and Temenos Transact to Al Ain Finance for end-to-end digital transformation amid increasing demand for digital banking during the ongoing COVID-19 pandemic.
Hosted on Microsoft Azure, the Temenos SaaS solution will replace the legacy in-house system of the UAE-based corporate finance institution.
Mohammed Rashid Al Ketbi, chairman of Al Ain Finance, commented: “We are delighted to partner with Temenos and adopt cutting-edge cloud technology to rapidly transform our business. Temenos SaaS offering will provide us with a pre-packaged, comprehensive corporate banking product to provide superior digital experiences to our SME customers.”
He continued: “Temenos’ cloud-native technology and unrivalled business experience in the region will be a catalyst for the digital transformation of our business. Temenos will provide a completely remote installation in light of the COVID-19 pandemic, enabling us to realise our business goals and support SMEs with vital financing in a matter of days.”
Jean-Paul Mergeai, managing director, Middle East and Africa at Temenos, added: “We are excited to partner with Al Ain Finance as they embrace the power of the cloud to transform their business and offer outstanding digital experiences to SMEs.”
“We see a surging demand in cloud adoption and SaaS based-models in the region which is being accelerated by the COVID-19 pandemic as banks require more resilient and agile technology propositions. With our cloud technology, Al Ain Finance will gain speed to market, and benefit from reduced cost and complexity.”
