| PRESS RELEASE FOR IMMEDIATE RELEASE NOVEMBER 1, 2022 |
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Baiduri Bank will be the first bank in Brunei to run core banking in the cloud on SaaS platform
GENEVA, Switzerland – NOVEMBER 1, 2022 – Temenos (SIX: TEMN) today announced that Baiduri Bank, one of the
largest providers of financial products and services in Brunei, has signed with Temenos for core banking services on
the Temenos Banking Cloud. With this move, Baiduri Bank will be the first bank in Brunei to operate its core banking
platform in the cloud under the SaaS model.
Baiduri Bank serves diverse customer segments ranging from retail, MSMEs to corporate and institutional clients. It is
a front runner in delivering digital-first experiences, offering a comprehensive suite of digital solutions including an
award-winning mobile banking app and dedicated business digital banking service.
Replacing legacy systems with Temenos modern SaaS on Microsoft Azure will enable Baiduri Bank to offer superior
customer propositions with personalized offerings at a fraction of the time and cost. The bank will adopt Temenos
banking services for core banking, data analytics and financial crime mitigation (FCM) to support its retail and
corporate banking, finance and wealth management operations.
The move to Temenos Banking Cloud will commence in 2023 and will be led by Temenos implementation partner
Tech Mahindra, a leading provider of digital transformation, consulting, and business re-engineering services and
solutions.
Temenos Banking Cloud allows Baiduri Bank to progressively renovate its IT landscape using a composable banking
approach to deploy new services faster, more cost-effectively, at scale. In future, Baiduri Bank has ambitions to
extend its offering beyond banking and will leverage Temenos open and composable architecture to include other
value-added services that complement the lifestyle needs of the modern consumers.
Ti Eng Hui, Chief Executive Officer, Baiduri Bank, commented: “Since 2020, we have embarked on a digital
transformation journey with the aim of leveraging technology to elevate operational efficiency, analytical capabilities
and ultimately, customer experience. Our core banking project, a strategic investment will be the next, and most
significant milestone in this journey.
“To succeed in the fast-evolving digital landscape, we need flexible, scalable solutions that are both responsive and
efficient. Temenos Banking Cloud opens up new opportunities for Baiduri Bank by providing instant access to worldclass banking capabilities and the flexibility to consume what we need as we need it. Moving to SaaS for core banking
is a first for a Brunei bank and a major step forward for Baiduri Bank. We engaged IDC to undertake a thorough
market evaluation and Temenos was selected for its composable architecture and breadth of banking services to
meet our current and future needs.”
Craig Bennett, Managing Director – APAC, Temenos, said: “We are proud to welcome Baiduri Bank as our latest
regional partner to the Temenos Banking Cloud. Given our depth of expertise in composable banking, we see strong
take up from banks big and small across the region as they look to modernize their technology stack and benefit from
the flexibility and agility of a SaaS platform.”
Vivek Agarwal, President – BFSI, HLS & Corporate Development, Tech Mahindra, said, “We are happy to be
selected as Baiduri Bank’s System Integration & Implementation Partner for Temenos Banking Cloud. This win is a
testament to the continuous investments in our global Temenos partnership and digital transformation capabilities.
We are fully committed to the platform modernization roadmap and look forward to working with Baiduri Bank on its
core transformation journey.”
About Temenos
Temenos (SIX: TEMN) is the world’s leading open platform for composable banking, creating opportunities for over
1.2 billion people around the world every day. We serve over 3000 banks from the largest to challengers and
community banks in 150+ countries by helping them build new banking services and state-of-the-art customer
experiences. The Temenos open platform helps our top-performing clients achieve return on equity three times the
industry average and cost-to-income ratios half the industry average.
For more information, please visit www.temenos.com
About Baiduri Bank Group
Baiduri Bank Group is one of the largest providers of financial products and services in Brunei Darussalam. The
Group comprises Baiduri Bank, Baiduri Finance and Baiduri Capital, providing banking services to institutions or
corporations, retail banking, consumer financing, securities trading and wealth management.
Established in 1994, Baiduri Bank’s shareholders include Baiduri Holdings and Darussalam Assets. With a
combination of global outlook combined with extensive local knowledge and commitment to the Brunei market, the
Bank has been acknowledged as the leading conventional bank in the country with a track record of financial
innovations and pioneering activities.
In 2022, Baiduri Bank was awarded the ‘Best Bank in Asia-Pacific’ for Brunei from Global Finance magazine, the ‘Best
Banking Group’ for Brunei from World Finance, the ‘Best Bank’ for Brunei from Euromoney and the ‘Domestic Retail
Bank of the Year’ for Brunei from Asian Banking & Finance.
Standard & Poor’s upgraded the Bank’s credit rating to ‘A-/A-2’ with Stable Outlook in June 2022.
About Tech Mahindra
Tech Mahindra offers innovative and customer-centric digital experiences, enabling enterprises, associates, and the
society to Rise. We are a USD 6 billion organization with 158,000+ professionals across 90 countries helping 1262
global customers, including Fortune 500 companies. We are focused on leveraging next-generation technologies
including 5G, Blockchain, Quantum Computing, Cybersecurity, Artificial Intelligence, and more, to enable end-to-end
digital transformation for global customers. Tech Mahindra is the only Indian company in the world to receive the
HRH The Prince of Wales’ Terra Carta Seal for its commitment to creating a sustainable future. We are the fastest
growing brand in ‘brand strength’ and amongst the top 7 IT brands globally. With the NXT.NOW™ framework, Tech
Mahindra aims to enhance ‘Human Centric Experience’ for our ecosystem and drive collaborative disruption with
synergies arising from a robust portfolio of companies. Tech Mahindra aims at delivering tomorrow’s experiences
today and believes that the ‘Future is Now’.
We are part of the Mahindra Group, founded in 1945, one of the largest and most admired multinational federation
of companies with 260,000 employees in over 100 countries. It enjoys a leadership position in farm equipment, utility
vehicles, information technology and financial services in India and is the world’s largest tractor company by volume.
It has a strong presence in renewable energy, agriculture, logistics, hospitality, and real estate. The Mahindra Group
has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive
positive change in the lives of communities and stakeholders to enable them to Rise.
Media Contact
| Susy A. TheDigitalBanker [email protected] |
