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 […]

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

Sweden Summons Russian Ambassador over NATO Membership Threats

The Swedish authorities announced today that they will summon the Russian Ambassador following his statements in which he threatened Sweden by saying that it would become a “legitimate target” once it joins the North Atlantic Treaty Organization (NATO…

The Swedish authorities announced today that they will summon the Russian Ambassador following his statements in which he threatened Sweden by saying that it would become a “legitimate target” once it joins the North Atlantic Treaty Organization (NATO).

Swedish Foreign Minister Tobias Billstrom said in a statement that the Foreign Ministry will summon the Russian Ambassador to clearly denounce his remarks, which are totally unacceptable and prejudicial to Sweden’s sovereignty.

The Russian Ambassador in Stockholm Viktor Tatarintsev reaffirmed in a text published on the website of his country’s mission in Sweden, that after Finland and Sweden join NATO, the total length of the borders between Russia and NATO will increase by almost double, warning that if some parties still think that this will somehow improve the security of Europe, let them be sure that the hostile bloc’s new members will become a legitimate target for Russian reprisals, including those of a military nature.

Sweden and Finland signed a tripartite memorandum of understanding with Turkiye last June regarding their accession to NATO, after they pledged to respond to Ankara’s demands regarding cooperation in the fight against terrorism.

All NATO members must approve accession requests, whilst Finland’s request is still subject to the approval of Turkiye and Hungary.

Source: Qatar News Agency

Fitch Revises Qatar’s Outlook from Stable to Positive, Affirms Rating at ‘AA-‘

Global credit rating agency Fitch Ratings revised the Outlook on the State of Qatar’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Positive from Stable and affirmed the IDR at ‘AA-‘.The rating agency said, in a report, the revision of the…

Global credit rating agency Fitch Ratings revised the Outlook on the State of Qatar’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Positive from Stable and affirmed the IDR at ‘AA-‘.

The rating agency said, in a report, the revision of the Outlook reflects Fitch’s expectation that debt to GDP will remain in line with or below the ‘AA’ peer median. The expansion of the North Field will increase the export capacity of the country’s LNG.

Fitch’s report noted that Qatar’s ‘AA-‘ ratings are supported by large sovereign net foreign assets, one of the world’s highest ratios of GDP per capita and a flexible public finance structure.

Fitch forecast Qatar’s general government (GG) budget surplus at about 10% of GDP in 2023, compared to 13% in 2022.

The report said that Qatar Central Bank’s measures contributed to reducing banks’ dependence on foreign financing from $197 billion in 2021 to $186 billion in 2022.

Source: Qatar News Agency

Dozens of Settlers Break Into Al-Aqsa Mosque under Heavy Protection by Occupation Police

Dozens of settlers Wednesday morning broke into the compounds of Al-Aqsa Mosque under heavy protection by the Israeli occupation police.The settlers, divided into groups, raided the holy Mosque and took provocative tours in its compounds, according to…

Dozens of settlers Wednesday morning broke into the compounds of Al-Aqsa Mosque under heavy protection by the Israeli occupation police.

The settlers, divided into groups, raided the holy Mosque and took provocative tours in its compounds, according to (WAFA) news agency The settlers performed Talmudic rituals in the eastern part of the Mosque.

This comes at a time as Israeli forces intensify measures against Palestinians coming from Jerusalem to enter the Mosque, inspecting their IDs and briefly detaining them.

In another context, the occupation forces stormed the villages and towns of Al-Jalama, Al-Zababdeh, Qabatiya, Al-Attara, and Al-Rama, and intensified their military presence in the governorate, and launched a sweeping campaign in the vicinity of the villages of Rummana and Zububa, without any arrests being reported.

Meanwhile, Israeli occupation forces arrested on Wednesday a Palestinian in Bethlehem, and another in Jenin.

The Israeli occupation forces continue, on an almost daily basis, their violations against the Palestinians by storming their towns and cities and attacking them, their lands and properties, using bullets and tear gas, which often leads to the death and injury of dozens of civilians.

Source: Qatar News Agency

4.8 Magnitude Earthquake Strikes Southern Peru

A magnitude 4.8 earthquake hit Wednesday Ayacucho Region in Southern Peru.The Geophysical Institute of Peru said that the epicenter of the tremor occurred 32 km from Huanca Sancos town, at a depth of 116 km.There have been no reports so far of human …

A magnitude 4.8 earthquake hit Wednesday Ayacucho Region in Southern Peru.

The Geophysical Institute of Peru said that the epicenter of the tremor occurred 32 km from Huanca Sancos town, at a depth of 116 km.

There have been no reports so far of human losses or material damage as a result of the tremor.

On March 6, a 5.3 magnitude earthquake hit the southern coast of Peru. The quake’s epicenter was at a depth of 10 km.

Peru experiences at least 400 earthquakes every year, as it is located on the Pacific Ring of Fire, a point of seismic activity that extends along the west coast of the American continent.

Source: Qatar News Agency

MWL Condemns Israeli Incursion into Courtyards of Al-Aqsa Mosque

The Muslim World League (MWL) condemned the absurd incursion by Israeli settlers into the courtyards of the blessed Al-Aqsa Mosque.The MWL condemned this dangerous escalation, which affects the sanctity of Islamic sanctities, and represents a serious …

The Muslim World League (MWL) condemned the absurd incursion by Israeli settlers into the courtyards of the blessed Al-Aqsa Mosque.

The MWL condemned this dangerous escalation, which affects the sanctity of Islamic sanctities, and represents a serious violation of relevant international laws and norms.

The MWL called for the importance of working on the efforts of a just and comprehensive peace, and stopping all practices that undermine the chances of a solution in the occupied territories, reaffirming the importance of resolving the cause of the Palestinian people, which is at the forefront of urgent and painful international issues.

Source: Qatar News Agency