Bank of Africa, the third largest bank in Morocco, looked to expand beyond its core market by establishing corporate and trade finance operations in China. To meet the stringent requirements of the Chinese regulators, the bank needed to have the infrastructure to support the new services in place within just six months. To achieve its ambitious plans, the bank worked with expert teams from Temenos to deploy Temenos Transact and Temenos Financial Crime Mitigation. The preconfigured compliance functionality of the solutions ensured Bank of Africa met all regulatory requirements, helping it become the first Moroccan bank operating in China. Bank of Africa is now ideally positioned to facilitate trade between North Africa and the Far East.
“As the first Moroccan bank to open in China, this expansion will act as a catalyst for economic relations between Africa and China. As the implementation timeframe was so short, Temenos’ packaged software, Temenos Transact, was vital to our plan. By offering a banking platform that is already compliant with Chinese regulations, Temenos accelerated the launch of our operations in China. Thanks to Temenos’ model bank approach, we obtained a new banking license, and have implemented a new core banking system that meets local regulations while supporting BMCE Bank of Africa’s ambitious growth strategy.”Said Adren, General Manager at Bank of Africa