Temenos (SIX: TEMN), a global leader in banking technology, today announced that Raya Financing has selected Temenos Core to power the next phase of its growth strategy.
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Raya Financing chose Temenos for its comprehensive core banking and Islamic finance functionality, including support for Shariah-compliant products, as well as its proven experience and localized capabilities for the Saudi market.
Deployed in a private cloud in Saudi Arabia, Temenos Core provides Raya Financing with a modern, scalable platform designed to centralize product and transaction processing, streamline operations and enable faster product development as business requirements evolve.
Raya Financing will adopt Temenos Core to support its retail finance, leasing and auto finance products, together with a product pipeline that includes personal finance, SME finance, buy now pay later and home finance. Temenos’ configurable capabilities enable multiple products to be managed on a common platform without extensive custom development.
The technology investment comes as Raya Financing enters a new phase of growth. Saudi Arabia’s finance company sector continues to expand, in line with Vision 2030's Financial Sector Development Program and its goal of a more diversified and efficient financial sector.
Mohammed Makkawi, Chief Information Officer at Raya Financing, commented: “We selected Temenos as a trusted technology partner with proven experience in Saudi Arabia and a platform that fits our business needs. Temenos Core gives us the flexibility to manage a broader range of financing products, helping us simplify operations, bring new offerings to market more efficiently and keep pace with what our customers in the Kingdom will need next.”
Santhosh Rao, Managing Director, Middle East and Africa, Temenos, said: “We are delighted to welcome Raya Financing as a new Temenos client. This is an exciting time for financial services in Saudi Arabia, and we look forward to helping the company scale its auto, retail and business financing and achieve its growth ambitions.”