New digital bank backed by Chunghwa Telecom launches on Temenos core banking platform to bring products to market fast and scale efficiently
Taiwan’s Next Bank Launches on Temenos. (Credit: Glenn Carstens-Peters on Unsplash)
Temenos (SIX: TEMN) today announced that Next Commercial Bank (Next Bank), a new digital bank backed by Chunghwa Telecom, Taiwan’s largest telecom operator, has gone live on Temenos core banking platform, opening to customers during 2022.
One of the first digital banks in Taiwan to receive a virtual banking license from the island’s Financial Supervisory Commission (FSC), Next Bank is building a bank that makes financial management simple with innovative thinking, design aesthetics and friendly experiences.
On Temenos open platform, Next Bank can bring products to market fast and scale efficiently. Today, the digital bank offers deposits, cards, loans and an innovative points program giving customers cashback on purchases, all accessible via a mobile app. Customers can open an account in just three minutes and choose their bank account number, creating a unique and personalized experience.
Over time, the bank plans to introduce foreign-exchange services, including remittance services for migrant workers and wealth management tools. Powered by Temenos, Next Bank aims to rapidly expand to nearly 300,000 customers within nine months of its opening.
Temenos core banking underpins the bank’s entire operations. Built on microservices and accessible via APIs, it enables continuous innovation and delivery for Next Bank to innovate fast and scale its business quickly and sustainably.
Eric Lee, Chief Information Officer, Next Bank, said: “We are excited to launch Next Bank on the Temenos platform. Next Bank operates under the principle of inclusive financing, which aims to provide consumers with universal access to a wide range of financial services. With Temenos, we were able to efficiently build the bank with innovative features that will help customers take charge of their finances and enable us to scale our business and accelerate growth in the future.”
Craig Bennett, Managing Director – Asia Pacific, Temenos, said: “I’m delighted to see Next Bank go live on Temenos, the platform of choice for more than 70 challenger banks worldwide. As one of the first neobanks in Taiwan, Next Bank is already setting a new standard for digital banking in the market. Temenos open platform will empower Next Bank to continue to thrive in the world of instant, always-on services, breaking boundaries to deliver the future of banking today. We are proud to partner with them on this exciting journey to power new growth opportunities and deliver the ultimate customer experience.”
Source: Company Press Release