Saudi EXIM Bank Goes Live on Temenos Core Banking Platform

Temenos’ leading functionality and modern technology enable Saudi EXIM Bank to drive operational and financial efficiency in trade finance

GENEVA, SWITZERLAND  –  EQS Newswire – 29 March 2023  –  Temenos (www.Temenos.com) (SIX: TEMN) today announced that Saudi Export-Import Bank (Saudi EXIM Bank) (https://apo-opa.info/42NrEET) has implemented Temenos core banking platform (https://apo-opa.info/3G2pGXB), going live in just six months. Temenos enables Saudi EXIM Bank to drive operational and financial efficiency, making it faster and easier for businesses to access trade finance, promoting job creation and economic growth in the Kingdom of Saudi Arabia (KSA).

Temenos’ modern and cloud-native, core banking platform was rapidly deployed. Saudi EXIM Bank worked closely with Temenos and its consultancy and implementation partners, which brought deep local market expertise. Furthermore, Temenos KSA Model Bank approach offered pre-packaged functionality and best practices, which helped the bank meet its business and regulatory requirements in a timely and effective way. Temenos Project Consulting Services with their knowledge and best practices also helped accelerate the project delivery.

Saudi EXIM Bank provides holistic financial services, catering specifically to the needs of businesses in KSA engaged in international trade. By implementing Temenos core banking platform, the bank can streamline its operations and automate processes increasing the bank’s operational efficiency. Temenos’ open platform for composable banking offers flexible and comprehensive coverage for a variety of facility types.

Saudi EXIM Bank was established in 2020 to promote the export of Saudi non-oil products and boost their competency across economic sectors in the global markets. The bank provides financing services, guarantees, and credit insurance with competitive advantages, to enhance confidence in Saudi products.

H.E. Eng. Saad Bin Abdulaziz AlKhalb, CEO of Saudi EXIM Bank, commented: “Our core banking system implementation with Temenos is a step forward for Saudi EXIM Bank to better equipped for achieving the development goals of the Kingdom’s Vision 2030. It will enable faster transaction processing times, improved customer experience, and a more efficient use of resources. It will also help us to better manage risks, with improved data analytics and real-time monitoring capabilities. We are pleased that we have been able to go live in such a short time aided by Temenos’ understanding of banking in Saudi Arabia and its pre-built banking processes.”

William Moroney, Managing Director – Middle East and Africa, Temenos, said: “I would like to extend my congratulations to the team at Saudi EXIM Bank on their go-live with the Temenos cloud-native core banking platform. To implement a new core banking system in under six months is a fantastic achievement. Temenos has a strong presence in the Middle East region with the experience of taking many of the region’s leading banks live on our platform. Banks of the future need a modern, agile core and with deployable components which cover all areas of banking. We look forward to seeing Saudi EXIM Bank and trade finance flourish in KSA on their new Temenos platform.”

Prema Varadhan, President Product and Chief Operating Officer, Temenos, said: “With clients such as Allied Irish Bank (AIB) (https://apo-opa.info/3TOH3km) in Ireland, Commerce Bank (https://apo-opa.info/3lLtWE5) in the USA, and Al Rajhi (https://apo-opa.info/40p0cMn) in Saudi Arabia, corporate banking is a key focus for Temenos. We have a robust product roadmap and we continue to invest heavily to deliver rich corporate banking functionality to help banks reduce the number of legacy systems on a cloud-native platform and improve automation and efficiency.”

In 2022, Temenos was named a leader in The Forrester Wave™: Digital Banking Processing Platforms for Corporate Banking, Q3 2022 (https://apo-opa.info/40l1kAs), with Forrester stating that “Temenos sets the pace in AI-powered banking capabilities and application architecture.”

Distributed by APO Group on behalf of Temenos.

About Temenos:
Temenos (SIX: TEMN) is the world’s leading open platform for composable banking, creating opportunities for over 1.2 billion people around the world every day. We serve 3000 banks from the largest to challengers and community banks in 150+ countries by helping them build new banking services and state-of-the-art customer experiences. The Temenos open platform helps our top-performing clients achieve return on equity three times the industry average and cost-to-income ratios half the industry average. For more information, please visit www.Temenos.com.

Media Contacts:
Jessica Wolfe & Scott Rowe
Temenos Global Public Relations
Tel: +1 610 232 2793 & +44 20 7423 3857
Email: press@temenos.com

Alistair Kellie
SECNewgate on behalf of Temenos
Tel: +44 20 7680 6550
Email: allnewgatetemenos@secnewgate.co.uk

During the holy month of Ramadan, Israeli settlers break into Jerusalem’s Aqsa mosque

Dozens of fanatic Israeli settlers Wednesday morning broke into the compounds of al-Aqsa Mosque under heavy protection from the Israeli police. The settlers, divded into groups, raided the holy Islamic Mosque and took provocative tours in its compounds. The extremist settlers performed Talmudic rituals in the eastern part of the Mosque. This comes at a time as Israeli forces intensify measures against Palestinians coming from Jerusalem to enter the Mosque, inspecting their IDs and briefly detaining them.

Source: Palestine News & Information Agency

Social media watch group says it monitored 685,000 racist and inciting speeches in the Hebrew language

The Arab Center for the Advancement of Social Media, said that the year 2022 witnessed a significant increase in the volume of violent speech directed at the Arab and Palestinian communities in Israel, as violent speech increased by 10% compared to 2021, and the number of violent publications published through networks in the Hebrew language reached 685,000 conversations, compared to 620 thousand violent publications during the year 2021. Several types of violent speech were widely used in Hebrew, it said in its index of racism and incitement in public conversations published in Hebrew on the internet during the year 2022. There was a clear increase in the percentage of racist speech against Arabs and Palestinians, which reached 39% of all violent speech, while 41% of the violent speech was insults directed towards Arabs and Palestinians, and 20% of it contained inciting language. The results this year show that the increase in public discourse against the Palestinian community on the network is related to the different attacks on the ground and the escalation of violence in the country during the presence of the former Israeli Bennett-Lapid government. The peak of racist discourse during the year 2022 was in the months of March, April and May, and this is related to the events that took place in Beersheba and the center of the country, while May was the most digitally violent month in the wake of the killing of journalist Shireen Abu Akleh. In terms of the spreading of violent speech on social networks in all of its forms, similarly to the previous year, Twitter remained the most popular platform for violent speech, scoring 51% of all violent discourse, and Facebook accounted for 20% of violent speech. Moreover, the percentage of violent speech in comments on internet articles has increased over the past years to reach 26% of all violent discourse. In this context, 7amleh indicated the need for social media companies to take decisive measures to prevent the spread of incitement, racism and violence against Arabs and Palestinians through various platforms. This type of content leads to an escalation of attacks against Arabs and Palestinians on the ground. Accordingly, 7amleh reaffirmed its previous recommendations to social media companies on the need to develop a dictionary of hate speech in the Hebrew language and use it to monitor this type of content, and the need to enforce content management policies as required on Israeli content in the Hebrew language to limit and prevent the increase of attacks in the occupied Palestinian territory. The Index of Racism and Incitement in Israeli social networks is an annual report published by 7amleh Center that monitors the intersection of racist and violent labels and words against Arabs and Palestinians throughout the year.

Source: Palestine News & Information Agency

Israeli settlers assault Palestinian shepherds near Bethlehem

Israeli settlers Wednesday attacked homes of Palestinian shepherds in the village of Barriyat Kissan, to the east of the occupied West Bank city of Bethlehem, injuring an elderly Palestinian and his son. Ahmad Ghazal, an activist, told WAFA that a number of fanatic settlers from the illegal Israeli settlement of Ma’ale Amos, assaulted shepherds in their homes in the aforementioned area and proceeded to ransack their houses. As a result, Ali Ebeyyat, 70, and his son Jihad, in his 30s, were injured and moved to a hospital for treatment. Israeli settlers have recently escalated their attacks and violations against Palestinian shepherds, such violations included opening fire, assaulting, briefly keeping hold of their livestock and imposing fines.

Source: Palestine News & Information Agency

Palestinian hunger striker for 172 days sentenced to 16 months in prison despite a promise for his release

An Israeli court today sentenced Khalil Awawdeh, from the southern West Bank town of Idna, to 16 months in prison despite an earlier promise to release him after observing 172 days of hunger strike to demand his release from administrative detention, according to the Palestinian Prisoner’s Society (PPS). It said Awawdeh’s attorney, Khaled Zabarqa, informed PPS that the court sentenced his client to 16 months in prison, a 5000 Israeli shekels ($1400) fine, and an eight-month suspended sentence after it accused him of taking a mobile phone with him into prison when he was on hunger strike. Awawdeh was supposed to be released on October 2 of last year at the end of his administrative detention order after observing 172 days of hunger strike in protest against his detention for extended periods without charge or trial. Awawdeh ended his hunger strike after he was promised that his administrative detention will not be renewed and that he will be released after serving the time of the detention. However, days before his intended release, he was charged with ‘smuggling’ a mobile phone he had with him when he was at an Israeli hospital getting treatment for his failed health as a result of the long fast into Ramla prison where he was taken after his discharge from hospital. The father of four has been in jail since 27 December 2021 and has been placed in administrative detention, without charge or trial, ever since.

Source: Palestine News & Information Agency

PM, economy minister discuss projects with president of the European Bank for Reconstruction and Development

Prime Minister Mohammad Shtayyeh and Minister of National Economy Khaled Osaili today discussed in separate meetings with the president of the European Bank for Reconstruction and Development Odile Renaud-Basso ways to support development projects and investments in the field of solar energy and infrastructure. The Prime Minister stressed in the meeting held at his office in Ramallah the importance of the European Bank providing reduced interest on loans for development projects in order to encourage investment and advance the national economy. “Despite the decline in foreign aid for the government and the continued illegal Israeli deductions from our funds, the Palestinian economy recovered and achieved growth, especially after the Corona pandemic, and in addition to that, the banking and financial system in Palestine is stable and strong,” said the Prime Minister. The European official also met separately with the Economy Minister Osaili at his Ramallah office during which they discussed support for development projects as well as areas of cooperation related to improving the business environment and the legal environment governing the Palestinian economy, in addition to supporting the Ministry’s vision in the transition towards a green and digital economy and relying on clean energy. “We look forward to the Bank’s implementation of more development projects that contribute to the development of the Palestinian economy and create job opportunities for young people, especially in the fields of renewable energy, information technology and startups,” said Osaili. Renaud-Basso stressed the Bank’s interest in strengthening areas of cooperation, in line with the Palestinian government’s work strategy, especially in the fields of renewable energy, and increasing access to finance for small, medium and micro enterprises.

Source: Palestine News & Information Agency

Producer Price Index increased in Palestine during February by almost 2.5 percent – PCBS

he overall Producer Price Index (PPI) for Palestine increased in February by 2.47% compared to January, today said the Palestinian Central Bureau of Statistics (PCBS). PPI for locally consumed products increased by 2.63% in February compared to January and for locally exported products by 1.03%, it said. The changes in PPI for February were traced back to changes in prices of the following major activities compared to the previous month:

Source: Palestine News & Information Agency