Temenos gains new core banking tech client in Egypt
Banque du Caire, a state-owned bank in Egypt with 2.7 million clients, is replacing its legacy tech with a suite of front-to-back solutions from Temenos.
The bank will implement the vendor’s flagship core banking system, T24; Temenos Connect for digital banking (front-office); and tools for financial crime mitigation, payments, risk and compliance.
On the way out is Oracle FSS’s Flexcube core banking system, which the bank has been using for many years, FinTech Futures understands.
The new software will support Banque de Caire’s retail and corporate banking operations.
“Banque du Caire has seen continued growth, and we are projected to grow 10% year-over-year,” says Khaled Hamada, the bank’s CIO. “Our existing platform was not flexible enough to scale and respond to our growing customer base and their needs.
“Temenos’ technology provides us with an agile solution, which can scale to size, and offers pre-configured features and enhanced product agility.”
Temenos already has a number of long-standing customers in Egypt, including Commercial Bank of Egypt and Suez Canal Bank. Among newer T24 takers are Arab African International Bank (a 2015 deal) and Housing and Development Bank (a 2014 deal).