Temenos, a global banking software company, has announced a collaboration with the Monetary Authority of Singapore (MAS),
the country’s central bank, to accelerate digital transformation in the financial industry.
The partnership between Temenos and MAS aims to drive innovation and enhance the growth of the fintech ecosystem in Singapore.
By leveraging their respective expertise, the organizations will work together to develop groundbreaking solutions that
meet the evolving needs of financial institutions and customers.
Key Initiatives of the Collaboration:
- Accelerating Cloud Adoption: Temenos and MAS will promote and facilitate the adoption of cloud technology among
financial institutions. This move will help banks modernize their systems, increase scalability, reduce costs,
and enhance agility in delivering innovative services to customers. - Developing Artificial Intelligence Solutions: The collaboration will focus on leveraging artificial intelligence
(AI) to drive automation and improve efficiency across banking processes. By incorporating AI capabilities into
their software offerings, Temenos and MAS aim to revolutionize various aspects of banking operations, including
risk management, customer service, and regulatory compliance. - Facilitating Open APIs: In line with Singapore’s open banking vision, Temenos and MAS will explore the development
of open application programming interfaces (APIs). This initiative aims to enhance data-sharing capabilities and
enable seamless integration between banks and third-party fintech providers, fostering a more interconnected
financial ecosystem.
“By collaborating with MAS, we can combine our banking software expertise with their regulatory insights to shape
the future of finance in Singapore and globally,” said Max Chuard, CEO of Temenos.
The collaboration between Temenos and MAS is seen as a significant step towards establishing Singapore as a global
fintech hub. With its forward-thinking regulatory approach and robust technology infrastructure, the city-state is
well-positioned to attract fintech companies and foster innovation in the financial sector.
Temenos has a strong presence in Singapore, serving major financial institutions with its cutting-edge software solutions.
The partnership with MAS further strengthens its commitment to driving digital transformation and enables it to play
a pivotal role in shaping the future of banking in Singapore.
As digital banking becomes increasingly prevalent, collaborations like this will fuel innovation, drive operational
efficiencies, and create more seamless banking experiences for both businesses and consumers.