2021: Top 5 core banking deals

At the close of 2021, FinTech Futures takes a look back at some of the most important core banking businesses of the year.

From community banks to international giants, the year was riddled with financial institutions upgrading their legacy systems and offering their customers the services of the 21st century.

Here are five of the top core banking stories in 2021.

Taiwan’s CTBC Bank signs core banking business with Avaloq

In September, Taiwanese financial institution CTBC Bank selected Avaloq as its core banking software provider for its international banking operations.

CTBC is Taiwan’s largest private bank by consolidated AUM and has more than 116 branches in 14 countries – the largest international presence of any Taiwanese bank. The Swiss financial services software company will initially roll out its Avaloq core solution in CTBC’s business units in Hong Kong and Singapore.

Avaloq claims that its digital banking solutions are used by 150 financial institutions around the world.

The relationship with CTBC will fuel the company’s continued growth in the Asia Pacific market and build on its local presence with offices in Singapore, Hong Kong, Manila, Pune and Sydney.

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Thought Machine wins major core banking deal with JP Morgan Chase

Thought Machine Founder and CEO Paul Taylor

Also in September, Thought Machine secured a contract with the major US bank JP Morgan Chase for the provision of its flagship core banking system Vault.

JP Morgan’s retail bank Chase will switch to Vault in the US. The bank selected 10x Future Technologies to support Chase’s UK operations.

The deal was another important step for British company Thought Machine to enter the US market. The week before, the company signed another US customer with Arvest Bank in Arkansas.

Rohan Amin, Chase’s chief innovation officer, said the partnership gives the bank the ability to “take full advantage of the cloud.”

The bank reportedly tested the core Vault system by simulating large amounts of traffic.

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Mambu wins new digital banking deals in Colombia and Vietnam

In August, banking technology provider Mambu won two new deals in Colombia and Vietnam for its core banking platform Software-as-a-Service (SaaS).

Colombian Financiera Dann Regional chose Mambu to drive the launch of IRIS, the lender’s new digital bank for small and medium-sized enterprises (SMEs).

In Vietnam, Mambu won a deal with Timo, a new digital bank that claims to be breaking new ground in the country.

“We chose Mambu’s cloud banking platform because we understand the value of a cloud-native, true SaaS core banking platform if we want to scale our business,” said Henry Nguyen, CEO of Timo.

“The fact that the Mambu platform uses the comprehensive service suite from AWS has also given us additional trust.”

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Egypt’s MIDBANK chooses Temenos to overhaul its digital banking

Temenos logo

Temenos has secured a number of deals this year

In November, the Egyptian MIDBANK commissioned the banking software company Temenos to advance its digital transformation.

The bank will use Temenos Transact as its core product and the digital banking platform Temenos Infinity to replace its legacy systems.

MIDBANK, which was known as Misr Iran Development Bank until it was renamed in March of this year, offers private, corporate and investment banking services and aims to become an “agile high-touch high-tech bank”.

MIDBANK will migrate all of its existing banking services, including retail and corporate accounts, savings and card facilities, to Temenos Transact.

Temenos Infinity will cement the bank’s focus on digital mobile and online banking, in line with the Central Bank of Egypt’s efforts to promote financial inclusion and the country’s transition to a cashless society.

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Russian digital bank Tinkoff opens up Finastra for Asia expansion

In December, the Russian neobank Tinkoff chose Finastra and its core banking solution Fusion Essence Cloud to bring its digital banking services to Asia.

Tinkoff, which currently serves more than 18.5 million customers, plans to open a subsidiary in the Philippines as part of its broader Asian expansion strategy.

Reports emerged back in August that the company was seeking a banking license in the country. It is believed that the bank’s offshoot in the Philippines would have an initial capital of $ 40 million.

George Chesakov, head of international expansion at Tinkoff, says the bank is looking for a partner who can “help us get started quickly, enable rapid growth and help us cope with the local demands of a new market,” and that the Finastra platform “fulfills everything”. these needs ”.

Finastra says its cloud-native Software-as-a-Service (SaaS) offering will enable Tinkoff to “build a system that is tailored to its needs”.

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