Reem Finance taps Temenos to power new digital community bank

UAE-based Reem Finance has selected Swiss banking tech vendor Temenos to power its upcoming digital community bank.

Founded in 2007 and headquartered in Abu Dhabi, Reem Finance provides corporate and retail financing solutions to help “facilitate business growth and advance trade capacity for private entities within various sectors”.

Through its partnership with Temenos, Reem Finance is now set to deploy the vendor’s core banking tech to launch a new digital community bank. A timeline for the launch is not currently known.

Temenos says Reem Finance selected its solution for its “retail and corporate core banking functionality”, along with its “localisation and built-in tools to enhance the bank’s capability to address its compliance requirements”.

Furthermore, the Swiss vendor says that Reem Finance’s new digital community bank will utilise its payments and data analytics tools, enabling the firm to provide an array of financial services to both individual and business customers while “optimising banking processes to reduce cost and risk”.

Commenting on the partnership, Seraj Faidi, CEO of Reem Finance, says: “The cloud-based Temenos solution has a pivotal role in our tech stack, and it enables us to connect across infrastructure and manage the most critical customer and business data”.

Reem Finance is the latest in a series of global financial institutions to adopt Temenos’ banking solutions this year, joining Kuwait’s Boubyan Bank, Malawi’s NBS Bank, and MidWestOne Bank, a US-based community bank.