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August 26, 2022

Shanghai Commercial & Savings Bank partners Temenos, IBM to transform operations

Shanghai Commercial & Savings Bank (SCSB) has turned to banking tech firm Temenos and tech giant IBM to upgrade its legacy core systems.

As part of the partnership, IBM Consulting and Technology will replace SCSB’s legacy systems on Temenos’ open platform for composable banking.

SCSB, a listed lender in Taiwan, will run multiple entities and lines of business on a single banking platform to drive efficiency and enhance competitiveness.

The lender will leverage Temenos core banking, payments, and data lake functionality to support its retail, corporate, trade and treasury banking.

Additionally, the platform is anticipated to cut the bank’s IT operational costs and improve its cost-income ratio via automation, streamlining processes and business operations.

SCSB president Alex Lin said: “Partnering with Temenos and IBM, we can transition to a modern technology platform that will enable us to quickly build customised digital financial products and maximise 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.”

Temenos president of strategic growth Philip Barnett said: “Our expanded collaboration with IBM is critical in helping banks like SCSB accelerate their move to the cloud and capitalise 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.”

Last week, the Bank of Queensland (BOQ) selected the Swiss banking technology provider to transform its retail operations.

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