Temenos, the banking software company, announced that WeLab Bank, Hong Kong-based virtual bank, has publicly launched using cloud-native Temenos Transact to provide a range of next generation digital services for their customers.
Designed, built and launched in less than 10 months, the fully digital bank reported 10,000 account openings within the first 10 days of launch.
WeLab Bank is powered by cloud agnostic Temenos Transact for core banking along with Temenos Analytics and Financial Crime Mitigation.
Implemented on Amazon Web Services and Google Cloud, WeLab is purportedly the first multi-cloud digital bank in Hong Kong. Operating on multiple clouds at the same time gives WeLab increased operational resilience and disaster recovery capability and is a regulatory requirement of the Hong Kong Monetary Authority for all banks.
According to the Economist Intelligence Unit 2020 report for Temenos, 81% of global banking executives surveyed believe a multi-cloud strategy will become a regulatory prerequisite.
Temenos cloud native software uses API-first and DevOps principles and engineered to deploy in containers and microservices. This makes it easy for WeLab to scale for future business growth efficiently and eliminates the need to provision for peak processing volumes so that the bank only pays for its actual usage, yielding significant cost savings.
In collaboration with NuoDB, a cloud-native distributed SQL database company, the solution delivers a cloud-agnostic, distributed relational database that enables WeLab to deploy an active-active on-demand database across multiple cloud providers with near zero downtime failover.
Temenos Transact is a preconfigured system and is said to require very little coding and with Temenos model bank to address local practices and regulations, WeLab was able to bring its service to market faster and extend its innovation with more than 400 out-of-the-box APIs.
Adrian Tse, Chief Executive Officer at WeLab Bank, commented:
Adrian Tse
“WeLab Bank was born from an initiative to reimagine the banking experience for the 7.5 million people of Hong Kong. With Temenos we have efficiently built WeLab Bank from scratch, free from any legacies, with innovative features that proactively help customers to take control of their money and their financial journey.”
Max Chuard, Chief Executive Officer, Temenos, said:
Max Chuard
“Temenos cloud-native, cloud-agnostic strategy means we can satisfy the needs of the most innovative and ambitious neobanks like WeLab Bank to run on multiple cloud providers. We know this is just the beginning for WeLab and we are excited to be part of their story as they revolutionise banking for people in Hong Kong.”
