Saudi Arabia’s central bank, SAMA, in major tech overhaul
Saudi Arabian Monetary Agency (SAMA), Saudi Arabia’s central bank, is modernising its technology with a range of new solutions from SAP and Calypso.
The bank is working SAP to automate the ERP and BI functionality (with SAP’s Business Objects), and is also interested in Bank Analyzer for financial reporting, indicates the vendor.
SAP is now also in talks with SAMA regarding its core banking software – Banking Technology understands the vendor is offering its Deposits and Loans Management systems.
The project with SAMA is hoped to unlock the banking market of Saudi Arabia, which has eluded SAP so far.
Meanwhile, Calypso signed SAMA for its treasury and capital markets (TCM) management software. The deal was done on the back of the SAP and Calypso partnership, inked in mid-2015. Through this agreement, SAP now resells Calypso’s TCM platform as two solution extensions: the SAP Capital Markets Trading solution by Calypso and the SAP Capital Markets Treasury solution by Calypso.
Banking Technology understands that Murex and Misys were among those also vying for the SAMA contract.
This is the second project for Calypso in Saudi Arabia. The first taker was onboarded around three years ago. This was Riyad Bank, one of the country’s largest banks.