Saudi EXIM Bank Goes Live on Temenos Core Banking Platform

Temenos’ leading functionality and modern technology enable Saudi EXIM Bank to drive operational and financial efficiency in trade finance

GENEVA, SWITZERLAND  –  EQS Newswire – 29 March 2023  –  Temenos (www.Temenos.com) (SIX: TEMN) today announced that Saudi Export-Import Bank (Saudi EXIM Bank) (https://apo-opa.info/42NrEET) has implemented Temenos core banking platform (https://apo-opa.info/3G2pGXB), going live in just six months. Temenos enables Saudi EXIM Bank to drive operational and financial efficiency, making it faster and easier for businesses to access trade finance, promoting job creation and economic growth in the Kingdom of Saudi Arabia (KSA).

Temenos’ modern and cloud-native, core banking platform was rapidly deployed. Saudi EXIM Bank worked closely with Temenos and its consultancy and implementation partners, which brought deep local market expertise. Furthermore, Temenos KSA Model Bank approach offered pre-packaged functionality and best practices, which helped the bank meet its business and regulatory requirements in a timely and effective way. Temenos Project Consulting Services with their knowledge and best practices also helped accelerate the project delivery.

Saudi EXIM Bank provides holistic financial services, catering specifically to the needs of businesses in KSA engaged in international trade. By implementing Temenos core banking platform, the bank can streamline its operations and automate processes increasing the bank’s operational efficiency. Temenos’ open platform for composable banking offers flexible and comprehensive coverage for a variety of facility types.

Saudi EXIM Bank was established in 2020 to promote the export of Saudi non-oil products and boost their competency across economic sectors in the global markets. The bank provides financing services, guarantees, and credit insurance with competitive advantages, to enhance confidence in Saudi products.

H.E. Eng. Saad Bin Abdulaziz AlKhalb, CEO of Saudi EXIM Bank, commented: “Our core banking system implementation with Temenos is a step forward for Saudi EXIM Bank to better equipped for achieving the development goals of the Kingdom’s Vision 2030. It will enable faster transaction processing times, improved customer experience, and a more efficient use of resources. It will also help us to better manage risks, with improved data analytics and real-time monitoring capabilities. We are pleased that we have been able to go live in such a short time aided by Temenos’ understanding of banking in Saudi Arabia and its pre-built banking processes.”

William Moroney, Managing Director – Middle East and Africa, Temenos, said: “I would like to extend my congratulations to the team at Saudi EXIM Bank on their go-live with the Temenos cloud-native core banking platform. To implement a new core banking system in under six months is a fantastic achievement. Temenos has a strong presence in the Middle East region with the experience of taking many of the region’s leading banks live on our platform. Banks of the future need a modern, agile core and with deployable components which cover all areas of banking. We look forward to seeing Saudi EXIM Bank and trade finance flourish in KSA on their new Temenos platform.”

Prema Varadhan, President Product and Chief Operating Officer, Temenos, said: “With clients such as Allied Irish Bank (AIB) (https://apo-opa.info/3TOH3km) in Ireland, Commerce Bank (https://apo-opa.info/3lLtWE5) in the USA, and Al Rajhi (https://apo-opa.info/40p0cMn) in Saudi Arabia, corporate banking is a key focus for Temenos. We have a robust product roadmap and we continue to invest heavily to deliver rich corporate banking functionality to help banks reduce the number of legacy systems on a cloud-native platform and improve automation and efficiency.”

In 2022, Temenos was named a leader in The Forrester Wave™: Digital Banking Processing Platforms for Corporate Banking, Q3 2022 (https://apo-opa.info/40l1kAs), with Forrester stating that “Temenos sets the pace in AI-powered banking capabilities and application architecture.”

Distributed by APO Group on behalf of Temenos.

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 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.

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
SECNewgate on behalf of Temenos
Tel: +44 20 7680 6550
Email: allnewgatetemenos@secnewgate.co.uk

HM King receives Capital Governorate wellwishers; praises citizens’ dedication

His Majesty King Hamad bin Isa Al Khalifa, received this evening at Al Sakhir Palace – in the presence of HM the King’s Personal Representative HH Shaikh Abdulla bin Hamad Al Khalifa – wellwishers from the Capital Governorate on the occasion of the holy month of Ramadan.

They expressed congratulations to HM the King on the Holy month of Ramadan, wishing him abundant health, happiness and long life and the Kingdom of Bahrain and its people further progress and prosperity under his wise leadership.

The well-wishers praised landmark development achievements, hailing HM the King’s royal care and constant keenness on reaching out to citizens and meeting their aspirations and needs.

HM the King welcomed the attendees and exchanged with them Ramadan greetings, hailing the role of Capital Governorate in Bahrain’s progress as well as its contributions down the national history to all development fields.

HM the King stressed the spiritual importance of the Holy Month of Ramadan which provides an occasion to reach out to people, reinforce solidarity and compassion and exchange visits through majlises which represent a shining mark throughout the national history.

"Goodness and solidarity are among the most important pillars that underpin national renaissance and unite the people of Bahrain, stemming from Islamic religion and our ancient heritage", said HM the King.

He said that citizens will always remain the focus and pivot of national development, adding that Bahrain gives full priority to achieving people’s decent living standards.

He expressed pride in Bahrainis’ awareness, enthusiasm and devotion in serving their country and enhancing its standing among other nations.

HM the King wished the Kingdom of Bahrain and its people many happy returns and further security, stability and prosperity.

Taqi Mohammed Makki Al Baharna delivered a speech on this occasion on behalf of citizens in the Capital Governorate, wishing HM the King, the Government, the loyal people of Bahrain, the Arab and Islamic nations many happy returns.

He hailed Bahrain’s strides ever since HM the King assumed power, hailing the reform project which was initiated by HM the King, heralding wide-ranging changes and development achievements in the sectors in housing, urban development, health and tourism.

He praised HM the King’s leadership and farsighted vision, with the support of the Government, chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister.

Al Baharna noted landmark sustainable development across all fields and commitment to promote humanitarian values amid rising voices of extremism and discord in the world.

He praised HM King’s vision aimed to advocate peace and promote the values of tolerance and coexistence which represent the pillars of social evolution, sustainable development and global peace.

He lauded HM the King’s initiative to host His Holiness Pope Francis and His Eminence Dr. Ahmed Al Tayeb, Sheikh of Al Azhar Al Sharif and Chairman of the Muslim Council of Elders in Bahrain, the land of amity, coexistence and peace.

He hailed the royal patronage of "Bahrain Dialogue Forum: East and West for Human Coexistence", which sent a message to the whole world that Bahrain will remain a beacon of peace, a crossroad of culture, and the land of tolerance and peace.

He praised HM the King’s call for the 146th IPU Assembly to adopt an international covenant that criminalises religious, sectarian and racial hate speech, noting that HM the King’s initiative was enshrined in the "Manama Declaration".

He hailed HM the King as the leader who advocates the loftiest human values, and the values of tolerance and peaceful coexistence between religions and societies.

Al Baharna praised the role of the Capital Governorate in meeting citizens, spearheading community development initiatives, hailing the directives of the Minister of Interior General Shaikh Rashid bin Abdulla Al Khalifa to further reinforce community partnership.

Capital Governorate Shaikh Rashid bin Abdulrahman Al Khalifa then presented HM the King with a gift, on behalf of citizens in the Capital Governorate.

He expressed deepest thanks and gratitude to HM the King for receiving the Capital Governorate wellwishers, hailing Bahrain’s development achievements in HM the King’s prosperous era.

Source: Bahrain News Agency

Readout of telephone call held between HRH the Crown Prince and Prime Minister and the newly appointed Crown Prince of Abu Dhabi

His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, today held a telephone call with the newly appointed Crown Prince of Abu Dhabi, His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan.

HRH the Crown Prince and Prime Minister highlighted the strength of relations between the Kingdom of Bahrain and the United Arab Emirates (UAE), which continues to receive the support of both His Majesty King Hamad bin Isa Al Khalifa and the President of the UAE, HH Sheikh Mohamed bin Zayed Al Nahyan.

His Royal Highness wished HH Sheikh Khaled bin Mohamed bin Zayed success in contributing to the prosperity and development of the UAE.

His Royal Highness and HH Sheikh Khaled bin Mohammed also discussed ways to strengthen bilateral relations to benefit both countries and their peoples.

Source: Bahrain News Agency

Iraqi Foreign Ministry: Iraqi Chargé d’Affaires in Bahrain to return to Baghdad

Iraqi Deputy Prime Minister for International Relations Affairs, Fuad Hussein, has directed to return the Iraqi Chargé d'Affaires in Bahrain to Baghdad, Spokesman for the Iraqi Ministry of Foreign Affairs, Dr. Ahmed Al-Sahhaf, announced today.

“The Foreign Minister, Fuad Hussein has directed to return the Iraqi Chargé d'Affaires to the Kingdom of Bahrain to the Foreign Affairs Ministry’s headquarters in Baghdad,” Al-Sahhaf told Iraqi News Agency (INA).

“This measure aims to enhance the status of Iraqi diplomacy, which the Ministry adopts to preserve diplomatic norms,” he added.

It is to be noted that Bahrain’s Foreign Affairs Ministry today summoned the Chargé d'Affaires of the Embassy of the Republic of Iraq to the Kingdom of Bahrain, Moayad Omar Abdulrahman, and informed him of its "deep dissatisfaction with his repeated violations of diplomatic norms."

“The Minister of Foreign Affairs, Dr. Abdullatif bin Rashid Al-Zayani, informed the Iraqi Chargé d'Affaires of the Ministry's strong condemnation of his unacceptable behavior that contradicts diplomatic protocols in the Kingdom, and handed him an official protest note in this regard,” the Foreign Affairs Ministry said in its statement.

Source: Bahrain News Agency