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Oman Housing Bank taps Temenos for core banking modernisation in the cloud

By Delisha Fernandes

April 04, 2024

  • cloud-native platform
  • Core Banking
  • Digital Transformation
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Lesha Bank, core banking platform, Temenos, Shari’a-compliant investment, wealth management, investment banking, Fintech news, Fintech MenaOman Housing Bank (OHB), a provider of housing finance in Oman, has selected Temenos to modernise its core banking platform in the cloud to develop new products faster and widen access to housing finance for Omanis.

The bank will replace its existing legacy platform with Temenos core banking platform running on the cloud as a key part of its digital transformation project, which aims to broaden the range of products the bank can offer, including deposits and card services, to new and existing customers.

Moosa Al Jadidi, CEO, Oman Housing Bank, said, “Modernizing our core banking capabilities with Temenos is a key part of our digital transformation project, which will enable us to strengthen our position as the largest contributor to providing adequate housing to Omani citizens. With Temenos, we’ll be able to further develop our product offering and speed up our procedures, helping us contribute even more to the economic progress and development of the country.”

With Temenos, OHB will be able to operate more efficiently, streamline processes and develop innovative new products faster on an agile, cloud-native platform. The microservices-enabled solution will support straight-through processing and faster response times, helping to simplify the loan origination journey for customers with improved digitization, while allowing the bank to further enhance its capabilities.

The solution will be implemented by Temenos certified partner Systems Ltd using the Oman Country Model Bank, which will allow OHB to leverage pre-configured banking capabilities tailored to the local market for a faster, more cost-effective implementation. The bank will also benefit from Temenos’ continued investment in its single code base and experience of working with thousands of banks worldwide.

The cloud-based deployment represents an innovative approach in the Omani market, underscoring Temenos’ position as a leader in core banking modernization and helping the bank with its aim to deliver exceptional services to clients.

Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said, “We are delighted to be chosen by Oman Housing Bank for its digital transformation, which further highlights the expertise and experience of Temenos in the Middle East. Leveraging Temenos’ pre-configured, localized capabilities, OHB will benefit from for a more cost-effective implementation and faster time to value as it seeks to bring affordable housing finance to more Omanis.”

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