T24 chosen by four Philippine banks capitalising on growing demand for banking services
Temenos (SIX: TEMN), the market-leading provider of banking software, today announces that four banks in the Philippines have signed up for Temenos T24, its award-winning core banking system. Temenos will provide new core banking systems to EastWest Bank, GM Bank, Optimum Bank and another leading commercial bank, to support the growth strategies and expansion of each institution.
The Philippines is the 6th fastest-growing economy, with it forecast to be the world’s 16th largest economy by 2050. To support this growth, the Philippine Central Bank is encouraging banks to expand regionally, a process which will rely on modernized IT infrastructures and core systems will be critical to achieving this.
There is also a significant opportunity to increase the level of financial inclusion in the Philippines. The Consumer Finance Survey (CSF) published by the Bangko Sentral ng Pilipinas during the first quarter of the year revealed that only two out of every 10 Filipino households have savings deposit account in a bank.
Many banks in the Philippines have aggressive plans to increase share of market and wallet through expansion and by embracing next generation channel technology including mobile and social media. A significant step to achieve this goal is by upgrading to new core banking systems as aging legacy systems hinder banks from expanding and launching new products to the market.
Working closely with Temenos is Thakral One, a key regional partner in the Philippines, for customer needs and corresponding technology solutions in the market.
Raju Daryani, Temenos Regional Director for APAC, said: “As one of the fastest growing economies in the world, the Philippines’ banking ecosystem is maturing at an accelerating pace, in line with the growth in GDP. With a historically ‘unbanked’ population, many Filipinos are now opening bank accounts for the first time. Temenos T24 has been selected by four very different financial institutions – with a shared ambition for rapid expansion – to underpin their growth strategies. We are working closely with our regional partner Thakral One, to ensure that we together support the banks in the pursuit of their growth plans.”
Describing Thakral One’s commitment to its clients and its partnership with Temenos, Santie Heydenrych, VP – Banking Solutions, Thakral One said, “We are delighted to work with Temenos to extend industry-specific solutions to our banking clients. The proven methodologies that the Temenos-Thakral One partnership brings to the table will enable our customers to innovate and adapt to dynamic market conditions and increasingly complex compliance mandates. We look forward to supporting these four newly signed banks, and partnering with Temenos for future projects. We are also committed to bringing new and innovative banking solutions to the Philippines, and further strengthening our local team which will be led by Sawfin Saw-Buan, Thakral One’s new Country Manager for Philippine operations.