Taiwan’s challenger Next Bank launches on Temenos core banking tech
Next Commercial Bank (Next Bank), a challenger bank backed by Taiwan’s largest telecom operator, Chunghwa Telecom, has launched its operations in the country underpinned by Temenos’ core banking technology.
The deal was first announced in 2020. “Temenos core banking underpins the bank’s entire operations,” the banking tech vendor states.
Temenos says the new digital bank, which is among the first banks in Taiwan to have received a virtual banking licence, “makes financial management simple with innovative thinking, design aesthetics and friendly experiences”.
Next Bank offers deposits, cards, loans, and rewards/cashback on purchases – all accessible via a mobile app. Customers can open an account in three minutes and choose their bank account number.
Over time, it plans to introduce foreign-exchange services, including remittance services for migrant workers and wealth management tools.
Next Bank aims to gain 300,000 customers within nine months of its opening.
“With Temenos, we were able to efficiently build the bank with innovative features that will help customers take charge of their finances and enable us to scale our business and accelerate growth in the future,” comments Eric Lee, chief information officer (CIO) of Next Bank.
The banking tech vendor is well-established in Taiwan with long-terms clients such as Jih Sun International Bank, Land Bank of Taiwan, and O-Bank.
A recent addition is Shanghai Commercial and Savings Bank (SCSB), which signed to update its technology with IBM and Temenos last year.