Asia Alliance Bank in tech overhaul with Temenos and Foranx
Asia Alliance Bank in Uzbekistan has signed for a new core banking system from Temenos.
The deal was signed with the banking tech vendor’s regional partner, Foranx. The company will be implementing the system through its newly established subsidiary in the country, Foranx East.
Foranx East will oversee future sales, implementation, and support of Temenos clients in Uzbekistan and neighbouring countries.
“Asia Alliance Bank is now undergoing a fundamental renovation and total transformation into the digital sphere to become one of the leaders in Uzbekistan and in the whole of Central Asia,” states Umidjon Khakimov, the bank’s CEO.
He adds that a “functional, flexible, and reliable core banking system is a cornerstone for digital transformation”. Temenos was selected for “its functional breadth, product building flexibility, and platform openness”, he says.
Established in 2009, Asia Alliance Bank serves the retail, SME, and corporate sectors in Uzbekistan. It has 34 branches, 415,000+ clients, and assets of around $550 million.
In 2021, another banking tech provider, ICS Financial Systems (ICSFS), announced a deal with the bank for its Islamic core banking system, ICS Banks Islamic Banking.
Asia Alliance Bank is Foranx’s first client in the country.
Temenos is understood to have one legacy client there – National Bank of Uzbekistan, the country’s largest – which signed with the vendor nearly two decades ago.