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Saudi EXIM Bank Goes Live on Temenos Core Banking Platform

Temenos’ leading functionality and modern technology enable Saudi EXIM Bank to drive operational and financial efficiency in trade finance

GENEVA, SWITZERLAND  –  EQS Newswire – 29 March 2023  –  Temenos (www.Temenos.com) (SIX: TEMN) today announced that Saudi Export-Import Bank (Saudi EXIM Bank) (https://apo-opa.info/42NrEET) has implemented Temenos core banking platform (https://apo-opa.info/3G2pGXB), going live in just six months. Temenos enables Saudi EXIM Bank to drive operational and financial efficiency, making it faster and easier for businesses to access trade finance, promoting job creation and economic growth in the Kingdom of Saudi Arabia (KSA).

Temenos’ modern and cloud-native, core banking platform was rapidly deployed. Saudi EXIM Bank worked closely with Temenos and its consultancy and implementation partners, which brought deep local market expertise. Furthermore, Temenos KSA Model Bank approach offered pre-packaged functionality and best practices, which helped the bank meet its business and regulatory requirements in a timely and effective way. Temenos Project Consulting Services with their knowledge and best practices also helped accelerate the project delivery.

Saudi EXIM Bank provides holistic financial services, catering specifically to the needs of businesses in KSA engaged in international trade. By implementing Temenos core banking platform, the bank can streamline its operations and automate processes increasing the bank’s operational efficiency. Temenos’ open platform for composable banking offers flexible and comprehensive coverage for a variety of facility types.

Saudi EXIM Bank was established in 2020 to promote the export of Saudi non-oil products and boost their competency across economic sectors in the global markets. The bank provides financing services, guarantees, and credit insurance with competitive advantages, to enhance confidence in Saudi products.

H.E. Eng. Saad Bin Abdulaziz AlKhalb, CEO of Saudi EXIM Bank, commented: “Our core banking system implementation with Temenos is a step forward for Saudi EXIM Bank to better equipped for achieving the development goals of the Kingdom’s Vision 2030. It will enable faster transaction processing times, improved customer experience, and a more efficient use of resources. It will also help us to better manage risks, with improved data analytics and real-time monitoring capabilities. We are pleased that we have been able to go live in such a short time aided by Temenos’ understanding of banking in Saudi Arabia and its pre-built banking processes.”

William Moroney, Managing Director – Middle East and Africa, Temenos, said: “I would like to extend my congratulations to the team at Saudi EXIM Bank on their go-live with the Temenos cloud-native core banking platform. To implement a new core banking system in under six months is a fantastic achievement. Temenos has a strong presence in the Middle East region with the experience of taking many of the region’s leading banks live on our platform. Banks of the future need a modern, agile core and with deployable components which cover all areas of banking. We look forward to seeing Saudi EXIM Bank and trade finance flourish in KSA on their new Temenos platform.”

Prema Varadhan, President Product and Chief Operating Officer, Temenos, said: “With clients such as Allied Irish Bank (AIB) (https://apo-opa.info/3TOH3km) in Ireland, Commerce Bank (https://apo-opa.info/3lLtWE5) in the USA, and Al Rajhi (https://apo-opa.info/40p0cMn) in Saudi Arabia, corporate banking is a key focus for Temenos. We have a robust product roadmap and we continue to invest heavily to deliver rich corporate banking functionality to help banks reduce the number of legacy systems on a cloud-native platform and improve automation and efficiency.”

In 2022, Temenos was named a leader in The Forrester Wave™: Digital Banking Processing Platforms for Corporate Banking, Q3 2022 (https://apo-opa.info/40l1kAs), with Forrester stating that “Temenos sets the pace in AI-powered banking capabilities and application architecture.”

Distributed by APO Group on behalf of Temenos.

About Temenos:
Temenos (SIX: TEMN) is the world’s leading open platform for composable banking, creating opportunities for over 1.2 billion people around the world every day. We serve 3000 banks from the largest to challengers and community banks in 150+ countries by helping them build new banking services and state-of-the-art customer experiences. The Temenos open platform helps our top-performing clients achieve return on equity three times the industry average and cost-to-income ratios half the industry average. For more information, please visit www.Temenos.com.

Media Contacts:
Jessica Wolfe & Scott Rowe
Temenos Global Public Relations
Tel: +1 610 232 2793 & +44 20 7423 3857
Email: press@temenos.com

Alistair Kellie
SECNewgate on behalf of Temenos
Tel: +44 20 7680 6550
Email: allnewgatetemenos@secnewgate.co.uk

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General

EBRD president says Jordan’s economy showed resilience to global shocks

President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso has said that the Jordanian economy showed resilience to global shocks, including the Covid-19 pandemic, inflation and the war in Ukraine. In an interview with the Jordan News Agency (Petra) on Tuesday, the EBRD president said the Kingdom managed to contain the fallout from the war in Ukraine on its food supplies, thanks to its strategic stockpiles. Renaud-Basso indicated that the outlook for the national economy is positive but there are still challenges that must be dealt with, namely high unemployment which now stands at 22 percent. She stressed that attracting more foreign investment is essential to achieving the desired growth rates, pointing out that Jordan has strong assets, as evidenced by its skilled human capital and strong administrative capabilities. The EBRD president highlighted the bank’s operations in Jordan and said the bank provides finance and technical assistance to spur private sector investments and growth. Renaud-Basso underlined that the bank’s main focus areas align with the main themes of Jordan’s Economic Modernization Vision, including the water-food-energy nexus as well as public-private partnerships. She also spoke about the EBRD’s support and finance of green and sustainable projects, citing the bank’s Green Star Venture which is aimed at supporting innovative early-stage ventures with green technology and solutions in the EBRD’s countries of operation. The president of the EBRD emphasized that the primary element that will govern competition and competitiveness will be whether or not a project or product is environmentally friendly. Since the start of its operations in Jordan in 2012, the EBRD has invested more than pound 1.9 billion in the country through 71 projects. Under the EBRD’s Municipal Resilience Refugee Response Framework, a total of pound 180 million of EBRD financing and pound 130 million in grants has been mobilized to date. The Bank’s priority in Jordan is to support sustainable energy, finance private enterprises and promote infrastructure reform

Source: Jordan News Agency

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General

Industry ministry implemented 183 market inspection tours-Official

Since the beginning of Ramadan, Ministry of Industry, Trade and Supply has carried out 183 market inspection tours, including 2,804 visits to establishments, to follow up on compliance with price caps set for poultry products. In a statement to “Petra” on Wednesday, the ministry’s media advisor, Yanal Baramawy, said 149 tickets were issued, including 30 for violating announced price ceilings. The ministry, he noted, will continue its intensive field tours to markets on a daily basis to monitor commodity prices. During daily follow-up, many commodities, especially vegetables, mainly cucumber and meat varieties, saw a “significant” drop in prices.

Source: Jordan News Agency

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General

RCJA: Israel should be held accountable for Al-Aqsa Mosque incursions

Secretary-General of Royal Committee for Jerusalem Affairs (RCJA), Abdullah Kanaan, said Israeli daily incursions into Jerusalem’s Al-Aqsa Mosque is a crime as part of Israel’s growing attacks in the holy city and occupied Palestine , which calls on holding Tel Aviv accountable internationally. Kanaan, in an interview with “Petra,” on Wednesday, said Israel’s Judaizing policy reveals the true face of its extreme right-wing government, adding that its leadership, programs and alliances are based on mythical Zionist allegations, aimed to divide Al-Aqsa Mosque temporally and spatially, establish the alleged temple, and Judaize every inch in Jerusalem. RCJA sees activities to Judaize Jerusalem are becoming more dangerous, especially alleged Jewish holidays, which fuel hatred and extremism and sees heinous racist crimes against the Palestinians, he pointed out. In addition, he called on launching urgent international intervention to protect Palestinian people and their rights to worship and self-determination. Kanaan added: “If Israel wants peace, it must urgently stop all its violations, abide by all international resolutions related to Palestine, and avoid tampering with Jerusalem’s existing historical situation.” Jordan-run Islamic Endowments Department in Jerusalem is the only body with exclusive authority to manage Al-Aqsa Mosque affairs, he said. Jordan, he noted, will remain the historical custodian over Jerusalem’s Islamic and Christian sanctities and will maintain its firm support and defense for Palestine and Jerusalem, regardless of the sacrifices made.

Source: Jordan News Agency

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General

PM: Gov’t pays attention to protect, achieve citizens’ interests

Prime Minister, Dr. Bishr Khasawneh, said the government has not made any amendments to the Student Support Fund system, nor to any procedures and mechanisms related to granting student grants and loans in this regard. The premier, during a Lower House session Wednesday, announced that the government has allocated an additional JD12.5 million in 2023 for the Student Support Fund, at the request of Parliament. He pointed out that the government “successfully” covered 100% of university students, who applied to benefit from grants and loans from the fund during 2022. Khasawneh said: “The government is proud for working diligently, round the clock to facilitate citizens’ life,” in implementation of His Majesty King Abdullah II’s directives as a key basis for fulfilling its constitutional oath. The PM added: “The government exhibits concern and fear over citizens’ interests, which refutes allegations that it takes measures in the opposite direction.” In addition, PM affirmed that the government, with House speakership and its permanent office, reached a “clear” mechanism regarding medical exemptions provided for eligible citizens who are not covered by health insurance services. Khasawneh pointed out that about 4,000 to 5,000 medical exemptions were issued to ineligible people, and half of them were covered by civil or military health insurance services. Regarding the diplomatic corps system, the PM noted this system governed diplomats’ appointments in the Ministry of Foreign Affairs and Expatriates for decades, and amendments are made to it like any other regulation through Ministerial Legal Committee in Legislation and Opinion Bureau. The diplomatic corps system is the controlling mechanism for appointing diplomats in a “competitive” framework at Ministry of Foreign Affairs and Expatriates, he added. He also stressed that Cabinet and the government “do not pay a price secretly or publicly” in return for approval of legislation, adding that: “the gov’t distances itself from this matter within the framework of its constitutional responsibility and within framework of our national culture.”

Source: Jordan News Agency

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General

18 water management pilots by Jordanian entrepreneurs in Jerash, Mafraq

The Jordanian start-ups that participated in “Scaling up Water Innovation for Climate Security” project installed 18 water management pilots in northern governorates of Mafraq and Jerash to consolidate sustainable development goals and water conservation. The Swedish International Development Agency (SIDA)-funded project is being implemented by the United Nations Development Programme (UNDP) in cooperation with the Royal Scientific Society (RSS). The project is part of “The Climate Facility to Achieve the Sustainable Development Goals: Climate Action for Human Security in the Arab Region” regional project. The project aims to produce replicable and expandable environmental models for long-term sustainable development. To realise the Sustainable Development Goal SDG 9, “Industry, Innovation and Infrastructure,” RSS and UNDP seek to build resilient infrastructure, stimulate inclusive sustainable local manufacturing enabling environment and encourage innovation for local hosting communities in consultation with the hosting communities and refugees. The contribution to food security and promoting sustainable agriculture is one of the priorities of the project through enhancing ways to preserve agriculture and improve crops. The project contributes to achieving gender equality and women empowerment by targeting and empowering women and youth associations in the targeted host communities as change agents carrying out activities under the project. It supports climate change adaptation measures by leveraging water efficiency and smart agriculture technologies contributing to the achievement of sustainable water management. Climate security may be achieved indirectly by supporting opportunities for youth, as one of the change agents, so as to contribute to addressing the scarcity of water resources that would cause additional tensions between local communities and between refugees and host communities, said the project team. Small-scale innovative water solution technologies were piloted in Mafraq and Jerash by small-medium-sized enterprises (SMEs) and entrepreneurs in water innovation, under the supervision of the project team. These SMEs were empowered to contribute to addressing water and climate change challenges in their communities, added the team. The project will create job opportunities for Jordanian host communities and Syrian refugees in Mafraq and Jerash. Founded in 1970 as a national organization to actively advise and support the development of Jordan with sound technical and policy advice, and consultations, the RSS undertakes specialized and accredited testing, research work with local industries and universities, consultations for the private and public sectors, and works in partnership with regional and international organisations. The RSS strives to support entrepreneurship and develop awareness and training programmes to engage national institutions and local communities in addressing national challenges, particularly water and agriculture. UNDP is the UN global development network advocating change. It assists countries to acquire knowledge, experience and resources to support people build a better life. Through its activities, UNDP focuses on sustainable development, democratic governance and peace-building, building resilience to climate and disasters, women empowerment, knowledge societies, energy, the environment and youth.

Source: Jordan News Agency

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General

UAE President appoints Sheikh Mansour Bin Zayed as Vice President

His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, has issued resolutions, with the approval of the UAE Federal Supreme Council, to appoint His Highness Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister of the United Arab Emirates and Minister of Presidential Court, as UAE Vice President, alongside His Highness Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. Also, President of the UAE, has issued two Emiri decrees appointing Hazza bin Zayed as Deputy Ruler of Abu Dhabi, and Tahnoun bin Zayed as Deputy Ruler of Abu Dhabi, according the Emirates News Agency (WAM). His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, in his capacity as Ruler of Abu Dhabi, has issued an Emiri decree appointing His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan as the Crown Prince of Abu Dhabi.

Source: Jordan News Agency

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General

Army chief, Iraqi defense minister talk military cooperation

Chairman of the Joint Chiefs of Staff Maj. Gen. Yousef Huneiti, Wednesday received Iraqi Defense Minister Thabet Abbasi and the accompanying delegation. During the meeting, Huneiti discussed with the Iraqi delegation the future of the two armies’ military cooperation and the latest developments on the regional and international arenas in a way that serves interests of the two countries’ armed forces. Huneiti said: ” Jordanian-Iraqi relations constitute a model to be followed in facing various challenges and difficulties,” adding that cooperation continues with Iraqi armed forces in all military fields, by harnessing mutual expertise and capabilities. For his part, the Iraqi defense minister stressed the “deep-rooted” bilateral relations, lauding Jordan’s “pivotal” role in combating terrorism and extremism and establishing the region’s security and stability. Huneiti and the Iraqi delegation were briefed on the projected cooperation areas in a manner consistent with the nature of developments taking place in the region at various levels.

Source: Jordan News Agency

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General

Medium emergency to deal with weather conditions announced

Ministry of Local Administration on Wednesday evening announced a “medium” state of emergency, coinciding with the expected weather conditions affecting the Kingdom. The ministry affirmed its readiness to deal with the expected weather conditions and address observations received round the clock through its teams operating across the Kingdom. The ministry stressed the need to maintain continuous coordination with its partners, to work on resolving and addressing various observations “immediately” to sustain continuity of services provided to citizens, according to the followed government approach, the statement said. The ministry also called on citizens to fully cooperate with the instructions to deal with the weather and not to hesitate to contact the main emergency rooms in the Ministry in Amman on the following phone numbers: 064631987 and 064622372, to report any emergency situation due to the weather that requires the intervention of emergency rooms in municipalities and joint services councils.

Source: Jordan News Agency

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General

JMD warns of expected waves of dust

Jordan Meteorological Department (JMD) warned of expected dust waves during the upcoming cold wave affecting the Kingdom. “When exposed to dust, health may be damaged as a result of the pollutants it carries inside, the JMD said in post published Wednesday evening, on its official Facebook page. Groups that may be affected by dust waves are: asthma patients, the elderly, children, patients with immune and respiratory diseases, the JMD explained in its post. The JMD noted that there are 3 steps that a person must ensure during dust waves, which are: staying in closed places, avoiding open places, using preventive sprays and bronchodilators if the person has asthma, according to the doctor’s instructions, and wearing masks or wet fabric.

Source: Jordan News Agency