GENEVA, Switzerland – AUGUST 25, 2022 – Shanghai Commercial & Savings Bank (SCSB), one of the listed banks in Taiwan, has selected Temenos and IBM to replace its legacy core systems with Temenos open platform for composable banking.
Part of the IBM Ecosystem, Temenos and IBM have successfully teamed for decades to help financial institutions around the world deploy next-generation banking technology, reduce costs, and take advantage of new pockets of profitability. 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.
IBM Consulting will lead the SCSB modernization project with implementation partner Nagarro/TechMill.
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. Consolidating on the Temenos platform will reduce IT operational costs and improve its cost-income ratio through automation, simplifying processes and streamlining IT and business operations.
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. Temenos’ open platform and composable banking architecture will accelerate SCSB’s digital transformation, helping the bank embed fintech solutions quickly and embrace open APIs and DevOps practices, to ultimately provide SCSB customers with more convenient, secure, and diverse digital banking products and services. SCSB will also adopt Temenos country model banks for China and Hong Kong to make implementation simpler and more cost-efficient.
Alex Lin, President, SCSB, commented:
“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.”
Philip Barnett, President of Strategic Growth, Temenos, said:
“Temenos is delighted to be selected by SCSB, providing the core banking functionality to support the development of its retail and corporate banking businesses. Our expanded collaboration with IBM is critical in helping banks like SCSB accelerate their move to the cloud and capitalize on the full benefits of a modern cloud-native banking platform. Temenos offers the depth of functionality to enable large banks like SCSB to integrate multiple entities with multiple languages and currencies on a single composable platform. Temenos has a strong and growing presence in Taiwan with SCSB joining the region’s leading banks choosing the Temenos platform.”
Hong Wu, General Manager, IBM Consulting, IBM Taiwan, said:
“We are excited to take the long-standing partnership with SCSB to the next level by accelerating the bank’s move to an open hybrid cloud architecture as a vital value of this core banking modernization project. As a member of IBM Consulting’s Growth & Innovation Partner Program, Temenos shares our vision for speeding innovation in the financial services industry. Together we are strongly positioned to help SCSB achieve the full potential of its digital transformation.”