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Temenos (SIX: TEMN) (www.Temenos.com), the banking software company, today 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 transfrom 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.
Distributed by APO Group on behalf of Temenos.
Media Contacts:
Jessica Wolfe & Scott Rowe
Temenos Global Public Relations
Tel: +1 610 232 2793 & +44 20 7423 3857
Email : press@temenos.com
Alistair Kellie & Andrew Adie
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
Email: allnewgatetemenos@newgatecomms.com
About Temenos:
Temenos AG (SIX: TEMN) is the world's leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 1.2 billion banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks' IT investment is adding tangible value to their business.
For more information, please visit www.Temenos.com
About MIDBANK:
On March 2021, MIDBANK launched its revamped brand identity in the Egyptian Market together with its new slogan "Empowering Your Future". The bank is undertaking a restructuring and total transformation strategy to strengthen its positioning and market share in the Egyptian market by offering a full-fledged banking products and services.
MIDBANK is focusing on developing its infrastructure in order to meet with the latest technology in banking services to bring it in alignment with the market needs and the Country SGD 2030 by supporting financial inclusion and the transformation into a cashless society.
MIDBANK operates through a network of 16 branches distributed across the Country to include; Cairo, Giza, Alexandria, Delta and Upper Egypt. The bank aims to increase the number of branches and expand its network both horizontally and vertically with the support of more than 700 highly qualified and skilled employees to provide the best banking products and services to all its customers.
Since establishment on May 27th 1975, MIDBANK has been providing its banking services as an Egyptian joint stock company in accordance with the provisions of Law No. 43 of 1974 on the investment of Arab and foreign capital and free zones.
