Finastra has announced the successful implementation of its Kondor treasury trading system, supported by DXC Technology’s cloud-based managed services, at Vision Bank, a Sharia-compliant digital bank in Saudi Arabia.
This enabled Vision Bank to launch the pilot phase of its banking operations.
The system enhances the bank’s asset and liability management, liquidity management, trading and investment, foreign exchange, capital adequacy, and reserve management.
Deploying the solution on the cloud aligns with the bank’s strategy to improve user experience and adapt to evolving demands.
“Our mission is to be a pioneer in the Saudi banking sector, relying on innovation and technology to provide seamless, Sharia-compliant banking solutions that meet our customers’ needs,”
said Abdul Shakeel Aidaroos, CEO at Vision Bank.
“To help us achieve this, we needed a robust treasury management system with cloud-based managed services that enable us to grow while mitigating risks. Finastra and DXC ensure that we can comply with current and upcoming regulations, drive business continuity and maximum availability, and scale the rollout of new products as needed.”
Finastra Kondor is a treasury trading system designed to support complex trading, risk management, and operational requirements while ensuring regulatory compliance.
The system has been implemented in financial institutions globally.
Vision Bank, formerly known as the Saudi Digital Bank, recently received no objection from the Saudi Central Bank to commence its pilot phase, facilitated by the successful deployment of Kondor and DXC’s managed services.
“Vision Bank’s growth ambitions and customer-centric ethos align closely to the values we hold at Finastra,”
said Wissam Khoury, EVP, Treasury & Capital Markets at Finastra.
“The implementation of Kondor played a significant role in the bank’s launch and digital transformation journey, providing the necessary agility to evolve with new demands and take advantage of the opportunities presented by Saudi Arabia’s financial services sector.”
Featured image credit: edited from freepik
