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Temenos has been chosen by the digital pockets supplier ZainCash Iraq to energy the fast development and innovation of its providers. Adopting the Temenos platform for core processing and funds will allow ZainCash to develop and launch additional digital providers while assembly the rising demand of customers for a cashless society.
Utilising the modern know-how of Temenos, which itself is constructed upon microservices and APIs, will permit ZainCash to carry the newest fintech to a market that desperately wants it. Iraq is likely one of the MENA area’s most unbanked countries, and based on The World Financial institution, solely 22.7 per cent of the nation’s eligible residents maintain a checking account. Nonetheless, the identical knowledge additionally means that the nation has a 75 per cent web penetration price, one thing that might excel the hassle of ZainCash.
Licensed by the Central Financial institution of Iraq, ZainCash at the moment gives P2P transfers, invoice and service provider funds, disbursements, recharge digital merchandise and different shopper and service provider providers. The corporate plans to introduce new digital onboarding, credit score and saving merchandise, and worldwide remittance providers on the Temenos platform.
The corporate, which processes thousands and thousands of transactions, has beforehand been recognised by GSMA and others for its cellular innovation, and notably for its humanitarian support to the UN in fund disbursement to refugees and displaced people.
“We selected to associate with Temenos as a result of we wanted an open and agile banking platform that might permit us to innovate and scale at velocity,” feedback ZainCash CEO Yazen Altimimi. “We’re dedicated to investing in the most effective know-how, and with Temenos, we will ship a world-class cost expertise that meets our clients’ rising wants and expectations. With Temenos, we will prepared the ground in making funds safer, less complicated and extra handy for all Iraqis.”
Jean-Paul Mergeai, President, APAC-EMEA, Temenos, added: “We’re delighted ZainCash has chosen Temenos to scale its digital cost providers. This pioneering fintech firm joins lots of the largest and most progressive monetary providers firms within the Center East and internationally that run on Temenos. Iraq is especially cash-driven at this time, however with a inhabitants of 40 million, together with a big younger and tech-savvy demographic, there’s a enormous untapped potential for cost digitisation. Temenos has a robust presence within the area and deep native experience to assist ZainCash because it continues to construct and develop its enterprise.”
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