One of the listed banks in Taiwan, Shanghai Commercial & Savings Bank (SCSB), has selected Temenos and IBM to replace its legacy core systems with Temenos open platform for composable banking. IBM Consulting will lead the SCSB modernization project with implementation partner Nagarro/TechMill. Earlier this year, the companies expanded their collaboration, leveraging IBM Consulting and Technology combined with Temenos open platform for composable banking to accelerate clients’ digital transformation while de-risking their journeys to the hybrid cloud. SCSB has a worldwide network and handles large volume of remittances from Taiwan to worldwide. With its subsidiaries in Hong Kong and Cambodia, SCSB manages total consolidated assets about US$75 billion and net worth about US$7 billion.

The first bank to use blockchain accountant confirmations, SCSB is one of the pioneers in digital banking. Replacing its core system with Temenos will enhance the bank’s overall competitiveness and allow it to scale more efficiently by running multiple entities and lines of business on a single banking platform. SCSB will adopt Temenos core banking, payments, and data lake functionality to support Retail, Corporate, Trade and Treasury banking, including offshore and domestic deposit and remittance businesses. The bank will also adopt Temenos country model banks for China and Hong Kong to make implementation simpler and more cost-efficient.

“We are constantly looking to innovate and improve to stay ahead of the times and our customers’ needs. With disruptive technologies, the pace of change is faster than ever, and a legacy core was holding us back. Partnering with Temenos and IBM, we can transition to a modern technology platform that will enable us to quickly build customized digital financial products and maximize shareholders’ value through agile and flexible operations. The new platform will drive scalable efficiency and ensure SCSB is poised to seize new opportunities in a rapidly changing world.”

Alex Lin, President at Shanghai Commercial & Savings Bank