SCSB will use the Temenos platform to support its retail operations. Credit: Aurélia from Pixabay.

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.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“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.