Reem Finance, a specialist in both corporate and retail finance and regulated by the UAE Central Bank, has announced a significant step towards enhancing its service offerings through a partnership with Temenos, a leading composable banking platform. This collaboration aims to establish a new digital community bank in the United Arab Emirates, marking a pivotal moment in Reem Finance's strategy of digital transformation.
The decision to implement Temenos' cloud-based solution aligns with Reem Finance's objective to develop faster, more flexible banking services tailored to the diverse needs of its customer base. The digital community bank is expected to reflect the increasing demand for innovative financial solutions that cater to the evolving landscape of consumer and corporate banking.
By opting for Temenos’ market-leading core banking solution, Reem Finance will benefit from comprehensive functionality that encompasses both retail and corporate banking. This solution is equipped with localised features and built-in compliance tools, enabling the new digital bank to navigate the regulatory environment effectively. “We are excited to partner with Temenos to launch our digital community bank in the UAE,” remarked Seraj Faidi, CEO of Reem Finance. “Temenos’ cutting-edge SaaS platform will enable us to rapidly innovate and scale up, deliver exceptional customer experiences, and stay ahead of the curve in a fast-moving market.”
Temenos is expected to deliver its services as Software-as-a-Service (SaaS), which will facilitate a quicker market entry for Reem Finance and provide the infrastructure to efficiently scale operations in response to customer demand. The capabilities provided by Temenos will enhance the new digital bank’s offerings, ranging from core banking capabilities to payments and data analytics. This optimisation is poised to reduce costs and mitigate risk, contributing to a more streamlined banking experience for both individual and business customers.
William Moroney, chief revenue officer at Temenos, commented on this partnership, stating, “Temenos is proud to support Reem Finance in launching their new digital community bank. We have a strong presence in the Middle East, expertise in cloud banking, and a track record of client success across the region.” This collaboration not only positions Reem Finance strategically within the UAE banking sector but also unlocks new growth opportunities as the financial services industry continues to evolve rapidly.
As the digital fintech landscape in the UAE progresses, the establishment of Reem Finance's digital community bank represents a significant development, underscoring the implications of artificial intelligence and automation technology across business practices in the financial sector.
Source: Noah Wire Services