RegionsAsia PacificFour Philippine Banks Adopt Temenos T24

Four Philippine Banks Adopt Temenos T24

Temenos, the Switzerland-based banking software group, said the four banks in the Philippines have signed up for its Temenos T24 core banking system.

The group will provide new systems for EastWest Bank, GM Bank, Optimum Bank and a further, unnamed, commercial bank to support the growth strategies and expansion of each bank.

The Philippines is the sixth fastest-growing global economy and is forecast to be the world’s 16th-largest economy by 2050. To support this growth, the Bangko Sentral ng Pilipinas (Philippine Central Bank) is encouraging banks to expand regionally, a process that will rely on modernised IT structures and core systems will be critical in achieving this.

There is also a significant opportunity to increase the level of financial inclusion in the Philippines. The Consumer Finance Survey (CSF) published by the Bangko Sentral ng Pilipinas during Q113

revealed that only two out of every 10 Filipino households have savings deposit account in a bank.

Many banks in the Philippines have aggressive plans to increase share of market and wallet through expansion and by embracing next generation channel technology including mobile and social media. A significant step to achieve this goal is by upgrading to new core banking systems as aging legacy systems hinder banks from expanding and launching new products to the market.

Related Articles

China’s regulatory changes stimulate international interest

Asia Pacific China’s regulatory changes stimulate international interest

5m Michael McCaw
Singapore Fintech Festival day four – Investor Summit Deal Day

Asia Pacific Singapore Fintech Festival day four – Investor Summit Deal Day

8m Richard Hartung
Singapore Fintech Festival day three: trade finance, capital markets and financial inclusion

Asia Pacific Singapore Fintech Festival day three: trade finance, capital markets and financial inclusion

8m Richard Hartung
Singapore Fintech Festival day two: blockchain, India's digitalisation and the future of banking

Asia Pacific Singapore Fintech Festival day two: blockchain, India's digitalisation and the future of banking

8m Richard Hartung
Is Asia too risky for corporate investment?

Asia Pacific Is Asia too risky for corporate investment?

8m Richard Hartung
GTreasury & Visual Risk announce partnership to focus on integrated treasury and new markets

Asia Pacific GTreasury & Visual Risk announce partnership to focus on integrated treasury and new markets

10m Guest Writer
Singapore shipping groups to trial blockchain

Asia Pacific Singapore shipping groups to trial blockchain

11m GTNews
IMF warns China on growing debt load

Asia Pacific IMF warns China on growing debt load

11m Graham Buck