Temenos (SIX: TEMN), the market leading provider of mission critical solutions to the financial services industry, announces that South Bangla Agriculture & Commerce Bank (SBAC) has today commenced operations using Temenos T24 as its core banking software.
SBAC Bank chose Temenos due to the global reputation of T24, Temenos' strong local presence and the shortest implementation time provided by the availability of a T24 Bangladesh Model Bank. Having only signed with Temenos in February 2013, the implementation took two months from singing to go-live. Temenos now has 5 banks live on T24 in Bangladesh.
SBAC Bank is one of 9 new entrants to the Bangladeshi banking market in 2013 and aims to help strengthen the on-going financial inclusion programmes through bringing unbanked people into the banking network. Despite strong, sustained growth in the economy (GDP has more than doubled in the last decade), around 60% of Bangladesh remains unbanked. The new banks will help increase the quality of banking services by increasing competition in the banking sector. They will also be able to meet the unfulfilled demand for credit by the private sector whose needs have grown in line with a fast expanding economy.
Raju Daryani, Temenos Regional Director for Asia Pacific, said: "We are delighted to be working with South Bangla Agriculture & Commerce Bank as it enters the Bangladeshi banking market. Our experience and local knowledge, which has allowed us to create a local model bank, was critical in facilitating the implementation of T24 in such a short timeframe and builds on our already established presence in the country."
Mr. S M Amjad Hossain, Chairman of South Bangla Agriculture & Commerce Bank Ltd, commented: "We are delighted to have partnered with Temenos. The speed in which we have reached go-live is testament to Temenos' experience and capabilities and vindicate one of the many reasons for which we chose T24 as our software platform. Our aim is to be the leading bank in Bangladesh and, with the support of Temenos, we believe we can achieve this."