The initiative, which leverages Temenos’ cloud-based solution, comes as part of Reem Finance’s broader strategy to advance digital transformation in the region and improve its service offerings. The digital community bank is set to enable Reem Finance to provide more flexible and optimised banking services that can meet the evolving needs, demands, and preferences of a diverse and dynamic customer base.
The move follows Reem Finance’s collaboration with Visa from April 2024, when the two companies teamed up to launch augmented digital payment solutions. The strategic alliance intended to deliver secure contactless-enabled Visa cards and digital wallets to Reem Finance’s customers, strengthening the company’s commitment to equipping its users with advanced payment solutions.
The decision to select Temenos’ solution can be attributed to the service’s comprehensive retail and corporate core banking capabilities, including localisation and built-in tools that augment Reem Finance’s ability to address its compliance requirements. The cloud-based tool is set to be offered as Software-as-a-Service (SaaS), allowing Reem Finance to benefit from accelerated time to market and expand its operations more efficiently as demand scales. In addition, the functionality of Temenos’ core banking, payments, and data analytics solutions supports Reem Finance’s new digital community bank in delivering a range of financial products to individual and business customers while improving banking processes to minimise cost and risk.
Furthermore, when commenting on the announcement, representatives from Reem Finance underlined that the partnership with Temenos supports their organisation in introducing new solutions in the market while also delivering an optimal customer experience and maintaining its position in the industry. The two companies plan to centre their efforts on augmenting how banking services are offered in the UAE, focusing on accessible and scalable financial tools for both retail and corporate customers.
At the same time, Temenos, which has a strong presence in the Middle East, aims to assist Reem Finance in providing financial services that both fit the needs of users and meet regulatory demands. Also, the initiative is set to scale financial inclusion and innovation across the UAE.
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