Temenos, a banking software solutions vendor, has announced that South Bangla Agriculture & Commerce Bank in Bangladesh has begun using its T24 program as its core banking software.
Two months after signing with Temenos in February 2013, the implementation of the software is complete and Temenos now has five banks in Bangladesh live on T24.
Chairman of South Bangla Agriculture & Commerce Bank, S M Amjad Hossain, said: "We are delighted to have partnered with Temenos. The speed in which we have reached go-live is testament to Temenos’ experience and capabilities and vindicate one of the many reasons for which we chose T24 as our software platform. Our aim is to be the leading bank in Bangladesh and, with the support of Temenos, we believe we can achieve this."
According to Temenos, around 60% of Bangladesh remains unbanked, despite strong growth in the economy, with GDP more than doubling in the last decade. SPAC Bank is one of the new entrants to the Bangladeshi banking market and supports financial inclusion programmes that aim to bring more people into the banking network.