Raya Financing has selected Temenos Core as its core banking platform to support the next phase of its growth in Saudi Arabia.
Deployed in a private cloud within the Kingdom, the system will centralise the company’s product and transaction processing.
The company chose Temenos for its core banking and Islamic finance functionality, which includes support for Shariah-compliant products.
Its decision also took into account Temenos’ experience and localised capabilities in the Saudi market.
Temenos Core will support Raya Financing’s retail finance, leasing and auto finance products.
Alongside these, the platform will accommodate a product pipeline that includes personal finance, SME finance, buy now pay later (BNPL) and home finance.
According to Temenos, its configurable platform allows multiple products to operate on a common system without extensive custom development.
This approach is intended to streamline operations and enable faster product development as business requirements evolve.
Raya Financing’s technology investment coincides with a new phase of growth for the company.
Across Saudi Arabia, the finance company sector continues to expand in line with the Financial Sector Development Program under Vision 2030, which seeks to build a more diversified and efficient financial sector.
“Temenos Core gives us the flexibility to manage a broader range of financing products, helping us simplify operations, bring new offerings to market more efficiently and keep pace with what our customers in the Kingdom will need next,”
said Mohammed Makkawi, Chief Information Officer at Raya Financing.
“We look forward to helping the company scale its auto, retail and business financing and achieve its growth ambitions,”
said Santhosh Rao, Managing Director, Middle East and Africa at Temenos.
Featured image: Edited by Fintech News UAE, based on image by mrsiraphol via Magnific.
