Temenos teams up with FDS to expand footprint in Bangladesh
�More investment needed in latest technology to keep banking system safe�
UNB
A Geneva-based one of the worlds leading banking software companies yesterday announced a partnership with Fortress Data Services Global (FDS) as the company wants to expand its footprint in Bangladesh, reports UNB.
Bangladesh is a very growing and important market. Its important for us to enlarge our footprint here, Martin Frick, managing director, Asia Pacific, Temenos, told a press conference while responding to a question.
Temenos currently serves nine leading banks in Bangladesh, including Prime Bank, Argrani Bank and Janata Bank. Over 2000 financial institutions use their software in over 150 countries.
Through the partnership with FDS, Frick said it enables them to build on their decades worth of experience in this market to 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, he said.
Responding to another question, Frick
said it is very difficult to set revenue target
but they will continue to increase their
focus on Bangladesh providing software in affordable price.
Though the company does not focus on security aspects of bank clients, the top official faced some questions on recent ATM skimming in Bangladesh through which thieves can empty bank account by placing a device over the ATM.In response, he said, You (Bangladesh) need to invest more in latest technology to keep your baking system safe.
The official laid emphasis on having a system that clients can get early alert that something might happen.
Currently, clients in Bangladesh get SMS alert from banks after deposition and withdrawal of money. But, there is no SMS alert seeking permission for transaction.
CEO of FDS Andre Setijoso said acquiring local talent who are familiar with the market, its nuances, culture and regulations is critical for success in Bangladeshs banking industry.
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, he said.
The partnership boosts the strength of Temenos local sales and support team and creates access to new business opportunities, enhancing the companys ability to capitalise on the rise of digital banking in Bangladesh, officials said.
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 Bangladeshs banking software industry.
