Pakistan Telecommunication Company Limited (PTCL) and NDCTECH have recently signed a Memorandum of Understanding (MoU) to create an in-country banking cloud platform by offering value added services for Temenos Software over PTCL cloud.
Temenos core banking platform is the best-selling solution in the global market for the last 15 years and is used by more than 700 financial institutions. Currently, over 3,000 firms across the globe, including 41 of the top 50 banks, rely on Temenos to process the daily transactions of more than 500 million banking customers.
The agreement was signed by Adil Rashid, Chief Business Services Officer, PTCL and Ammara Masood, CEO and President, NDCTECH. Farooq Ahmed Jalali, Executive Vice President Digital Services Sales PTCL; Nabeel Amjad, General Manager Business Applications PTCL; Behram Ahmed, Chairman NDCTECH, Navaid Kareem, EVP Sales NDCTECH; and Jean-Paul Mergeai, Regional Managing Director Temenos Middle East and Africa were also present on the occasion.
As per the agreement, NDCTECH and PTCL are to jointly host Temenos Software for clients wanting to use Test and Development value added services on PTCL Cloud and will also work on the creation of a local banking cloud setup in the country for Production and DR in the future.
“Owing to the recent data leakages in the financial sector, the need for an in-country cloud based hosting solution for Financial sector has increased many folds. With this agreement, PTCL & NDCTECH shall jointly help to create a safer and more secure data storage & processing environment for financial data within the country. This initiative shall serve to reduce costs for the fin-techs; as well as create a safe and secure cloud based hosting solution for the Pakistani financial industry, previously restricted to keep transactional data on-premises only.” said Adil Rashid, Chief Business Services Officer, PTCL.
Ammara Masood, CEO and President NDCTECH speaking occasion said, “Our expertise across retail banking, corporate& Investment banking, regulatory risk and compliance, mobile banking, channels, payments, lending and mortgages address transformational changes for our customers. PTCL and NDCTECH collaboration and our solution on Pakistan based cloud offering will enable our customers to build a bankable future.”