ZainCash Iraq, the first digital wallet in Iraq, chose Temenos (www.Temenos.com) to fuel the rapid growth and innovation of its digital payment service. Adoption of the Temenos platform for core processing and payments enables ZainCash to quickly develop and launch digital services, meet growing customer demand, and help Iraq transition to an innovative cashless society.
ZainCash is authorized by the Central Bank of Iraq provide integrated electronic financial services. Currently, it offers P2P transfers, bill and merchant payments, disbursements, digital product recharges, and other services to consumers and merchants.
The company processes millions of transactions and has been recognized by the GSMA and others for its mobile innovation. In particular its humanitarian support to the UN in the disbursement of funds to refugees and displaced persons.
Leveraging Temenos’ modern technology architecture – based on microservices and APIs – means ZainCash can bring the latest FinTech innovation to market much faster and scale efficiently. The company plans to introduce new digital onboarding, credit and savings products, as well as international money transfer services on the Temenos platform.
Yazen Altimimi, CEO of ZainCash, said, “We chose to partner with Temenos because we needed an open and agile banking platform that would allow us to innovate and scale quickly. We are committed to investing in the best technology, and with Temenos we can deliver a world-class payment experience that meets the growing needs and expectations of our customers. With Temenos, we can lead the way in making payments safer, simpler and more convenient for all Iraqis.
Jean-Paul Mergeai, President, APAC-EMEA, Temenos, said, “We are delighted that ZainCash has chosen Temenos to scale its digital payment services. This pioneering FinTech company joins many of the largest and most innovative financial services companies in the world. Middle East and around the world that run on Temenos. Iraq is primarily cash-focused today, but with a population of 40 million, including a large young and tech-savvy population, there is huge untapped potential for digitizing payments. Temenos has a strong presence in the region and deep local expertise to support ZainCash as it continues to grow and grow its business. »
Distributed by APO Group in the name of Temenos.
Jessica Wolf & Scott Rowe
Temenos Global Public Relations
Tel: +1 610 232 2793 & +44 20 7423 3857
Email: [email protected]
Alistair Kellie & Andrew Adie
Newgate Communications in the name of Temenos
Tel: +44 20 7680 6550
Email: [email protected]
ZainCash is a pioneer electronic payment company licensed in 2016 by the Central Bank of Iraq License #1 to provide integrated electronic financial services anywhere in the world. Iraq, and today ZainCash processes +1 million financial transactions. In 2019, ZainCash was awarded as “Telecom Lead Innovation” and was nominated for “Best Mobile Innovation Supporting Emergency” in 2020/21.
To learn more about ZainCash, please visit www.zaincash.iq/about
Temenos AG (SIX: TEMN) is the world leader in banking software. More than 3,000 banks worldwide, including 41 of the top 50 banks, trust Temenos to handle both day-to-day transactions and customer interactions for more than 1.2 billion banking customers. Temenos offers cloud-native, cloud-independent and AI-powered front office, core banking, payment and fund administration software, enabling banks to deliver seamless omnichannel customer experiences and reach operational excellence.
Temenos software has been proven to enable its top performing customers to achieve cost-to-income ratios of 26.8%, half the industry average, and returns on equity of 29%, three times the industry average. These customers also invest 51% of their IT budget in growth and innovation versus maintenance, twice the industry average, proving that banks’ IT investment adds tangible value to their business.
For more information, visit www.temenos.com.