Egypt’s MIDBANK picks Temenos for digital banking revamp
Egypt’s MIDBANK has tapped banking software firm Temenos to power its digital transformation.
The bank will deploy Temenos Transact as its core product and the Temenos Infinity digital banking platform to replace its legacy systems.
MIDBANK, known as Misr Iran Development Bank until a rebrand in March this year, provides retail, corporate and investment banking services and says it wants to become an “agile, high-touch, high-tech bank”.
Temenos says that operating its technology stack will enable MIDBANK to “provide customers with new and enhanced digital banking services”.
MIDBANK will switch all its existing banking services, including retail and corporate customers’ accounts, savings and card facilities, to Temenos Transact.
Temenos Infinity will underpin the bank’s pivot to digital-first mobile and online banking, in line with the Central Bank of Egypt’s efforts to boost financial inclusion and the country’s move to a cashless society.
Temenos president of international sales Jean-Paul Mergeai says: “With Temenos, the bank has clear goals to deliver the digital services and experiences customers are seeking and make financial services more accessible to everyone.”
MIDBANK’s chairman and managing director Amr El Garhy adds the move will support an expansion of its retail banking activity and diversify its customer base to include those who rely on the latest digital technologies.
The partnership comes hot on the heels of media reports suggesting private equity firms EQT AB and Thoma Bravo are preparing offers to buy Temenos.
EQT and Thoma Bravo are in the early stages of considering offers for Temenos, Bloomberg reports, with Temenos’ shares rising as much as 16% in Zurich last week, the biggest intra-day jump since February.