Pakistan – Pakistan-based bank network HBL has partnered with Temenos, a global banking software company, to adopt the company’s core banking platform, aimed at providing domestic and international operations with a cutting-edge banking experience.
Through the partnership, HBL will be onboarding over 25 million of its clients onto Temenos’ open platform for composable banking, which will accelerate its services across all segments, markets, and channels. HBL clients will now have an enhanced user experience in the form of increased reliability, security, and a modern platform that will enhance the bank’s digitalisation journey.
In addition, the Temenos implementation will include a full suite of client-friendly products and services that will provide end-to-end, technologically advanced solutions to both HBL’s conventional and Islamic banking clients. This faster onboarding and quicker transaction processing will provide a more seamless client experience, enabling HBL to increase its digital footprint across Pakistan and internationally.
The new system will also enhance adherence to local banking regulations and improve reporting standards for international markets in China, GCC, Europe, and SAARC countries.
Muhammad Aurangzeb, HBL’s president and CEO, said “The open technology platform provided by Temenos is flexible, global-ready and has the breadth of banking services to meet our clients’ fast-developing banking needs. This partnership contributes to our goal to become a ‘Technology company with a banking license’.”
Meanwhile, Sagheer Mufti, HBL’s chief operating officer, noted, “At HBL, we are always looking at better ways to serve our clients. By adopting this leading platform, we will add to our capability to give clients an improved experience when using our services, now and for many years to come.”
Max Chuard, Temenos’ CEO, commented that HBL is a forward-looking bank with a pioneering approach to shaping the future of banking, and Temenos’ open platform for composable banking will free the bank from legacy constraints.
“To innovate safely at speed, as well as scale its offering and achieve its growth goals. We are proud to support HBL as it delivers on this exciting vision for more than 25 million clients worldwide,” said Chuard.
