Taiwan’s First Neobank Selects Temenos Digital Banking Platform to Launch in Record Time
- Banking , Cloud
- 04.06.2020 01:20 pm
Temenos (SIX: TEMN), the banking software company, today announced that Next Commercial Bank (Next Bank), has selected Temenos Transact to power its launch as one of Taiwan’s first neobanks and deliver digital banking experiences that challenge the status quo. Cloud-native, cloud-agnostic Temenos Transact will deliver rich, pre-configured banking functionality and compliance to support Next Bank’s rapid launch to market in 2020. Temenos’ market leading digital core product will underpin the bank’s entire operations, delivering scale, agility and efficiency and supporting it to reach one million customers within the first three years of operations.
In 2019, Next Bank became one of the first neobanks in Taiwan’s history to receive a virtual banking license from the national financial authorities. Next Bank is backed by local investment from Taiwan telecom operator, Chunghwa Telecom, among others, and will launch with capital around USD 332 million. This significant investment and Temenos’ cloud advanced technology will give the bank the resources to drive innovative banking products and services for retail and corporate customers.
Temenos’ broad banking functionality will support the simple creation and modification of new hyper-personalized products and services. Next Bank will initially deliver customer accounts, deposits and loans, and has plans to provide mortgages and wealth management in the future. The bank will leverage Temenos’ technology to implement an intuitive customer pricing model and consolidate consumer data into a single 360 degree view to drive efficiency and customer centricity across all its interactions.
Next Bank will benefit from Temenos Transact’s pre-integrated compliance modules to address the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS). This out-of-the-box functionality will enable seamless compliance and support the bank’s ambitious 2020 launch timeframe.
Wang Tun Chou, Chief Information Officer, Next Bank, stated: “We are excited to partner with Temenos as we prepare to launch Next Bank in Taiwan. Temenos’ vast experience deploying digital banking software across Asia and in Taiwan itself means Next Bank will benefit from applied regional and local best practices and can expect a smooth launch later this year. As one of the first neobanks in Taiwan, we have a unique opportunity to raise the bar for banking in our region. Leveraging Temenos deep market experience and its advanced cloud-native, cloud-agnostic and API-first technology, Next Bank will set the standard for innovative digital banking and hyper-personalized customer experiences.”
Martin Frick, Managing Director – Asia Pacific, Temenos, commented: “We are delighted that Next Bank has chosen to build its greenfield operations on our market-leading, core banking product, Temenos Transact. Temenos has a strong and growing presence across Asia, serving 460 customers in 26 countries, and in these uncertain times, providing banks with a simple route to market for vital digital banking services has never been more important. Temenos’ technology offers the winning combination of advanced cloud-native, cloud-agnostic and API-first technology and the richest, broadest banking functionality. This is why we remain the partner of choice for challenger banks and incumbents around the world. Our software also delivers tangible business benefits and is proven to enable our top-performing clients to achieve cost-income ratios of 26.8%, half the industry average. Building on Temenos technology will allow Next Bank to achieve operational excellence and sustainable growth, both in today’s climate and in the future.”