August 1, 2013 – London, UK – Temenos (SIX: TEMN), the market leading provider of mission critical solutions to the financial services industry, recently announced that South Bangla Agriculture & Commerce Bank (SBAC) has commenced operations using Temenos T24 as its core banking software.
According to Mr. Clive Ketteridge, General Manager of jBASE at Temenos, the underlying run-time and database of the bank’s implementation is jBASE. “One of the prerequisites for the Temenos T24 banking application is the jBASE open connectivity technology integrated with the banking functionality and coupled with an open database such as Oracle, IBM’s DB2, Microsoft’s SQL Server or jBASE, which provides clients with numerous options with regard to future direction.”
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. The implementation took only two months from signing with Temenos 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.
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…our aim is to be the leading bank in Bangladesh and, with the support of Temenos, we believe we can achieve this.”