Temenos, a global leader in banking software, has announced a pivotal collaboration with Oman Housing Bank (OHB), a premier provider of housing finance in Oman. OHB has selected Temenos to modernize its core banking platform in the cloud, aiming to accelerate the development of new products and expand access to housing finance for Omanis.
Oman Housing Bank plays a vital role in Oman’s economic landscape by facilitating government-subsidized housing loans and broadening financial access for individuals with low to moderate incomes. In the first half of 2023 alone, the bank approved over 2,000 housing loans valued at more than 86 million Omani Rials (USD 223 million).
The bank’s strategic move involves replacing its existing legacy platform with Temenos’ cloud-native core banking platform, as part of its digital transformation initiative. This transformation project seeks to diversify the bank’s product portfolio, including offerings such as deposits and card services, to both new and existing customers.
By leveraging Temenos’ advanced technology, OHB anticipates operating more efficiently, streamlining processes, and accelerating the introduction of innovative products on an agile, cloud-native platform. The microservices-enabled solution will facilitate straight-through processing, faster response times, and enhanced digitization, thereby simplifying the loan origination journey for customers.
The implementation will be overseen by Temenos’ certified partner, Systems Ltd, utilizing the Oman Country Model Bank. This approach allows OHB to capitalize on pre-configured banking capabilities tailored to the local market, ensuring a swift and cost-effective deployment. OHB will also benefit from Temenos’ extensive experience and continued investment in its single code base, drawing from its global expertise working with thousands of banks worldwide.
Moosa Al Jadidi, CEO, Oman Housing Bank, commented:
“Modernizing our core banking capabilities with Temenos is a key part of our digital transformation project, which will enable us to strengthen our position as the largest contributor to providing adequate housing to Omani citizens. With Temenos, we’ll be able to further develop our product offering and speed up our procedures, helping us contribute even more to the economic progress and development of the country.”
Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said:
“We are delighted to be chosen by Oman Housing Bank for its digital transformation, which further highlights the expertise and experience of Temenos in the Middle East. Leveraging Temenos’ pre-configured, localized capabilities, OHB will benefit from for a more cost-effective implementation and faster time to value as it seeks to bring affordable housing finance to more Omanis.”
Ammara Masood, Global GM BFS, Systems Limited, added:
“We are honored to have been selected by Oman Housing Bank for their core modernization and digital loan origination. Systems has been investing in the Oman market with Temenos. By leveraging accelerators like Country Model Bank coupled with our expert capabilities around Temenos and cloud-native architectures, we’re equipped to deliver a successful program to the bank. At Systems Limited, our ultimate goal is always centered on driving value for our customers and empowering them with modern capabilities to thrive in today’s dynamic banking landscape.”
The collaboration between Oman Housing Bank and Temenos signifies a significant step toward advancing housing finance accessibility and driving digital innovation in Oman’s banking sector.