NdcTech granted license to develop Country Model Banks

December 16, 2022 (MLN): Systems Limited (SYS) wholly owned subsidiary NdcTech has been granted license rights by Temenos to develop Country Model Banks on the Temenos Open Platform for leading banks and Fls in the Gulf Cooperation Council (GCC) region, the statement issued by company on its official social media handle on Friday.

“With this strategic advancement, we will be able to expand our market reach into Saudi Arabia, the United Arab Emirates, Qatar, Oman, Bahrain, Kuwait, and Pakistan”, the statement read.

We will be Temenos' trusted upgrade partner in these countries, providing a seamless modernization approach to the region's leading banks and Fls.

Furthermore, Temenos holds a leading position in the region and boasts a raft of clients across these seven countries including some of the largest and most innovative institutions in the Middle East from Al-Rajhi Bank, to First Abu Dhabi Bank to stc pay.

All Temenos clients will be able to work with NdcTech and Temenos to enhance the Model Banks and contribute to the product roadmap.

Country Model Banks are a key differentiator for Temenos. By enabling partners to develop new country models, Temenos is able to scale this competitive advantage, rapidly building new model banks compatible with the banking services on Temenos composable platform and available for instant deployment on Temenos Banking Cloud.

NdcTech is one of the largest System Integrator and partner for Temenos in Middle East and Africa. The company’s rich engineering expertise, in-depth knowledge of modern banking platforms and unique development methodologies have led to this strategic collaboration, it added.

Moreover, together NdcTech and Temenos will open up new business opportunities and drive revenue growth among existing clients through cross-selling by incorporating regulatory requirements and innovations relevant to local market practices.

To note, the Systems Limited is principally engaged in the business of software development, trading of software, and business process outsourcing services.

At the time of writing, the scrip of the SYS is being traded at Rs513.10, which is up by Rs11.11 or 2.21% DoD.

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