Temenos, the banking software company, announced that Midbank, a universal bank in Egypt 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. The Temenos banking platform will enable Midbank to meet customers' future needs and the bank's strategic goals as an agile, high-touch and high-tech bank.
Running on Temenos' modern technology stack will enable the bank to provide customers with new and enhanced digital banking services. Temenos open technology will also allow Midbank to take advantage of the latest fintech innovations to improve its customer service and experience. Ultimately, 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.
Midbank plans to transform its existing banking services, including all retail and corporate customers' accounts, savings and card facilities, as well as trade finance, treasury, and investment and other products and services to Temenos Transact. It will also revamp and launch its mobile and online banking with Temenos Infinity, introducing new digital experiences to differentiate its offering and tap into the growing demand from individual and business customers for digital banking products and services.
Jean-Paul Mergeai, President - International Sales, Temenos, said, "We are excited to support Midbank, a forward-thinking bank with a great reputation in Egypt, on its digital transformation. With Temenos, the bank has clear goals to achieve operational excellence, deliver the digital services and experiences customers are seeking, and make financial services more accessible to everyone. With a strong local presence and deep banking experience in the Egypt market, working with many of the Country's leading banks, Temenos is the natural partner for Midbank. Embracing our model bank approach and benefitting from our unique knowledge and expertise will ensure rapid progress and a smooth path for the bank's modernization journey."
Amr El Garhy, Chairman and Managing Director of Midbank, commented, "Midbank embarked on a strategy that is devout to comprehensive development and growth. This is essentially 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. We pride ourselves for partnering with Temenos – the world's leading banking software company - on developing our technological structure while providing alternative and advanced digital channels, products, and services."
Sameh Montaser, Chairman Consultant for Digital Transformation and Restructuring, Midbank, added, "Midbank’s vision dedicates significant focus on developing the technological infrastructure and thus ensuring its readiness to launch the latest and cutting-edge banking products and services to customers. The new partnership with Temenos is nothing but a reflection of our new slogan, "Empowering your Future", where expanding the technological and digital services is the current game changer. We are very keen on updating the Core Banking System where the scope of services includes retail banking, corporate, credit, payments, trade finance, treasury and various support functions supporting the bank's current and future business needs."
Temenos has a strong presence in the region, with Midbank joining many top banks in Egypt choosing Temenos for their digital transformation initiatives.