The bank will modernize its retail banking capabilities with Temenos to develop new products faster and widen access to housing finance for Omanis
Karachi – 5th April 2024 : Temenos today announced that Oman Housing Bank (OHB), a leading provider of housing finance in Oman, has selected Temenos to modernize its core banking capabilities in the cloud.
Established in 1977, OHB plays an important role in the economic development of Oman by enabling the provision of government subsidized housing loans and helping to widen access to finance for those on low to moderate incomes. In the first half of 2023, the bank approved over 2,000 housing loans with a total value of over 86m Omani Rials (USD 223m).
The bank will replace its existing legacy platform with Temenos core banking running on the cloud as a key part of its digital transformation project, which aims to diversify the range of products the bank can offer to new and existing customers.
With Temenos, OHB will be able to operate more efficiently, streamline processes and develop innovative new products faster on a highly scalable, cloud-native platform. The microservices-enabled solution will support straight-through processing and faster response times, while allowing the bank to further enhance its capabilities.
The solution will be implemented by Temenos certified partner Systems Ltd using the Oman Country Model Bank, which will allow OHB to leverage pre-configured banking capabilities tailored to the local market that will enable faster, more cost-effective implementation. The bank will also benefit from Temenos’ continued investment in its single code base and experience of working with 3000 banks across 150 countries.
The cloud-based deployment represents an innovative, cutting-edge approach in the Omani market, underscoring Temenos’ position as a leader in core banking modernization and helping the bank with its aim to deliver exceptional services to its clients.
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 the Country Model Bank, OHB will benefit from pre-configured, localized capabilities for a more cost-effective implementation and faster time to value as it seeks to bring affordable housing finance to more Omanis.”
