Egypt’s MIDBANK Selects Temenos to Power its Digital Transformation

Egypt’s MIDBANK Selects Temenos to Power its Digital Transformation

Temenos (SIX: TEMN) ( www.Temenos.com ), the banking software company, today announced that MIDBANK, a universal bank in Egypt providing retail, corporate, and investment banking services, has selected Temenos' open banking platform to power its digital transformation. The bank will implement Temenos Transact as its core product and Temenos Infinity digital banking platform to replace its legacy systems and streamline its systems and processes as part of a visionary IT transformation strategy. The Temenos banking platform will enable MIDBANK to meet customers' future needs and the bank's strategic goals as an agile, high-touch and high-tech bank. Running on Temenos' modern technology stack will enable the bank to provide customers with new and enhanced digital banking services. Temenos open technology will also allow MIDBANK to take advantage of the latest fintech innovations to improve its customer service and experience. Ultimately, enabling the bank to grow its customer base and support the Central Bank of Egypt's (CBE) efforts to boost financial inclusion and the transition to a cashless society. MIDBANK plans to transfrom its existing banking services, including all retail and corporate customers' accounts, savings and card facilities, as well as trade finance, treasury, and investment and other products and services to