Dhaka, Bangladesh (BBN)-Temenos (SIX: TEMN), the software specialist for banking and finance, Tuesday announced a partnership with Fortress Data Services Global (FDS) in Bangladesh, a significant milestone in Temenos’ expansion strategy in the market.
This partnership boosts the strength of Temenos’ local sales and support team and creates access to new business opportunities, enhancing the company’s ability to capitalise on the rise of digital banking in Bangladesh.
Through its fully-owned subsidiary in Bangladesh that enables access to the local talent pool, FDS will expand Temenos’ Bangladesh team with 20 additional hires in the next one and a half years.
FDS will also enhance Temenos’ service offering by building a dedicated support team to provide specialised advisory and business consultancy services to clients, drawing from its expertise and experience in Bangladesh’s banking software industry.
Bangladesh is an important market for Temenos in Asia-Pacific.
Our partnership with FDS enables us to build on our decades’ worth of experience in this marketto help banks in Bangladesh take advantage of the growth opportunities that digital banking brings.
Through Temenos’ Core Banking ‘Bangladesh Model Bank’, a software system with built-in industry best practice processes, Temenos is able to help green-field banks set up and run in weeks instead of months, allowing them to rapidly launch new digital offerings to meet rising demand,” said Martin Frick, Managing Director, Asia Pacific, Temenos.
“Acquiring local talent who are familiar with the market, its nuances, culture and regulations is critical for success in Bangladesh’s banking industry,” said Andre Setijoso, CEO, FDS.
“By bringing our expertise in talent sourcing to this partnership, Temenos will be equipped with the right capabilities to grow its client base and cement its industry leadership.”
Emerging market segmentsoffer abundant opportunities for banks in Bangladesh, buoyed by agrowing middle class and increased engagement on mobile Internetas a result of network improvements.
The number of registered mobile-money users topped 23 million in 2015, or 15 per cent of the total population, and this is set to grow as mobile 3G penetration rates increase.
To capture these segments, banks across the different sectors in retail banking, digital banking and microfinance need to expand their digital service offerings.
Temenos’ core banking solution, T24, and other platform, channel and business intelligence products are designed toenable bankstolaunch suchservices and seize these new opportunities of growth.
Temenos currently serves nine leading banks in Bangladesh, including Prime Bank, Argrani Bank and Janata Bank.