TEMENOS CHOSEN BY CEBUANA LHUILLIER BANK TO SCALE THE PHILIPPINES' RURAL BANKING SERVICES

KUALA LUMPUR, Aug 17 (Bernama) -- Temenos announced Cebuana Lhuillier Bank has selected the company to modernise its core banking platform, helping the bank, which serves seven million Filipinos, to quickly launch new banking products and scale efficiently.

According to a statement, with Temenos, Cebuana Lhuillier Bank aims to expand its product offerings and grow to more than 11 million customers over five years.

Temenos Managing Director – APAC, Ramki Ramakrishnan said: “We are delighted to welcome Cebuana Lhuillier Bank as the newest member of our Temenos family in the Philippines.

“With a robust presence in the country, our partnership with Cebuana Lhuillier Bank reinforces Temenos' position as a compelling choice for banks across various sizes and segments, including rural and thrift banks.”

Cebuana Lhuillier Bank provides credit and savings accounts to individuals, micro, small and medium enterprises to grow their personal or business finances.

With more than half of the Philippines’ 113 million population living in rural areas, banks such as Cebuana Lhuillier Bank play a crucial role in serving the financial needs of those residing in remote and underserved areas of the country.

Temenos’ core banking platform gives Cebuana Lhuillier Bank flexibility and agility to manage customer accounts and transactions with greatly improved performance and efficiency, and offer personalised products, faster and at lower cost.

It means Cebuana Lhuillier Bank can introduce affordable new lending products, such as motorcycle loans, to attract new customers while also growing sustainably, and the solution will be implemented by Temenos’ delivery partner, Orion Innovation.

As a regulated financial institution, supervised by Bangko Sentral ng Pilipinas, the Temenos solution also assists the bank to adapt more easily to changing market conditions and local regulatory requirements.

While Cebuana Lhuillier Bank will initially deploy the Temenos solution in its on-premise datacentre, the cloud-native solution gives the bank the flexibility to easily migrate to the cloud in future.

-- BERNAMA