Vision Bank becomes operational with Finastra's cloud-native, Islamic banking treasury solution

Rhea-AI Summary

Vision Bank, a Sharia-compliant digital bank in Saudi Arabia, has successfully launched its pilot phase operations using Finastra Kondor and cloud-based managed services from DXC Technology (NYSE: DXC). The implementation enhances the bank's treasury trading and risk management capabilities.

The solution provides sophisticated functionality for asset and liability management, liquidity management, trading and investment, foreign exchange, capital adequacy, and reserve management. The cloud deployment aligns with Vision Bank's strategy of improving user experiences while meeting new market demands.

The implementation was important in Vision Bank (formerly Saudi Digital Bank) obtaining no objection from the Saudi Central Bank. The project contributes to the Financial Sector Development Program under Saudi Vision 2030, positioning the bank as a pioneer in providing seamless, Sharia-compliant banking solutions.

Positive

• Strategic partnership with Fortune 500 company DXC Technology
• Successful regulatory approval from Saudi Central Bank
• Enhanced treasury and risk management capabilities through cloud deployment
• Alignment with Saudi Vision 2030 financial sector goals

Negative

• None.

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With Finastra Kondor and managed services provided by DXC, the bank has enhanced its treasury trading and risk management capabilities, while offering modern, Sharia-compliant services

DUBAI, UAE, March 18, 2025 /PRNewswire/ -- Finastra today announced that the successful implementation of Finastra Kondor and cloud-based managed services provided by DXC Technology (NYSE: DXC), a leading Fortune 500 global technology services provider, enabled Vision Bank, a Sharia-compliant, digital bank in Saudi Arabia, to launch the pilot phase of its banking operations. Finastra's best-of-breed treasury trading system allowed the bank to upgrade its capabilities for asset and liability management, liquidity management, trading and investment, foreign exchange, capital adequacy and reserve management. The deployment of the solution on cloud also aligns with the digital bank's broader strategy of creating better user experiences while keeping pace with new demands.

"Our mission is to be a pioneer in the Saudi banking sector, relying on innovation and technology to provide seamless, Sharia-compliant banking solutions that meet our customers' needs," said Abdul Shakeel Aidaroos, CEO at Vision Bank. "To help us achieve this, we needed a robust treasury management system with cloud-based managed services that enable us to grow while mitigating risks. Finastra and DXC ensure that we can comply with current and upcoming regulations, drive business continuity and maximum availability, and scale the rollout of new products as needed. We are also contributing to the goals of the Financial Sector Development Program, one of the programs of Saudi Vision 2030."

Finastra Kondor is a best-of-breed treasury trading system that meets financial institutions' needs for sophisticated treasury functionality, while enabling growth and ensuring compliance. Renowned for its robust capabilities in supporting complex trading, risk management and operations, the solution is the backbone of numerous financial institutions, enabling them to navigate the intricate landscape of global markets with precision and agility. The successful implementation of the solution, alongside managed services provided by DXC, played a vital role in Vision Bank, formerly known as the Saudi Digital Bank, recently obtaining no objection from the Saudi Central Bank and launching the pilot phase of its banking operations.

"Vision Bank's growth ambitions and customer-centric ethos align closely to the values we hold at Finastra," said Wissam Khoury, EVP, Treasury & Capital Markets at Finastra. "The implementation of Kondor played a significant role in the bank's launch and digital transformation journey, providing the necessary agility to evolve with new demands and take advantage of the opportunities presented by Saudi Arabia's financial services sector. Working alongside DXC, it has been a pleasure to help Vision Bank reach this milestone and we look forward to its ongoing success."

"DXC is proud to have partnered with Finastra and Vision Bank to successfully deliver Kondor as the bank's fully hosted and managed treasury system," said Anthony Hammond, Global Finastra Lead at DXC. "This collaboration underscores our commitment to driving innovation in financial technology, providing a secure, scalable and future-ready solution that enhances the bank's treasury operations."

Finastra.com

About Finastra
Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of Open Finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world's top 50 banks. For more information, visit finastra.com

About Vision Bank
Vision Bank is a Saudi digital bank regulated by the Saudi Central Bank (SAMA). Vision Bank is reimagining banking in Saudi Arabia through an experience that is catered to our customers dynamic lifestyles. This creates a place where customers can embrace simplicity, personalization, convenience and absolute control over their financial lives. Recognizing the importance of technology in shaping the future of finance, Vision Bank aims to partner with leading fintech and technology providers to develop bespoke technologies that would differentiate them in the market and meet the ever-evolving needs of our customers.

About DXC
DXC Technology (NYSE: DXC) helps global companies run their mission-critical systems and operations while modernizing IT, optimizing data architectures, and ensuring security and scalability across public, private and hybrid clouds. The world's largest companies and public sector organizations trust DXC to deploy services to drive new levels of performance, competitiveness, and customer experience across their IT estates. Learn more about how we deliver excellence for our customers and colleagues at DXC.com.

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SOURCE Finastra

FAQ

What services did DXC Technology provide to Vision Bank in Saudi Arabia?

DXC Technology provided cloud-based managed services and implemented Finastra Kondor as a fully hosted and managed treasury system for Vision Bank.

How does the Finastra Kondor implementation benefit Vision Bank's operations?

It enhances treasury trading, risk management, asset/liability management, liquidity management, foreign exchange, and reserve management capabilities while ensuring Sharia compliance.

What role did DXC's implementation play in Vision Bank's regulatory approval?

The successful implementation helped Vision Bank obtain no objection from the Saudi Central Bank and launch its pilot phase banking operations.

How does Vision Bank's implementation align with Saudi Vision 2030?

The implementation contributes to the Financial Sector Development Program, a key component of Saudi Vision 2030, by advancing digital banking innovation.