Raya Financing has picked Temenos, the Swiss-listed banking technology provider, to run its core systems as it pushes into a broader range of retail, business and home lending products across the Kingdom.

The lender will run Temenos Core from a private cloud based inside Saudi Arabia. The system will act as a single hub for product and transaction processing, aiming to simplify day-to-day operations and shorten the time needed to design and launch new offerings as the firm’s needs change.

From day one, the platform will support Raya Financing’s existing retail finance, leasing and auto finance lines. It will also carry a wider pipeline of planned products, covering personal finance, SME lending, buy now pay later and home finance. Because Temenos Core is configurable, the firm can operate this mix of products on one shared system rather than commissioning heavy bespoke development for each.

Raya Financing said several factors drove its decision. These included the breadth of the platform’s core banking and Islamic finance features, its ability to handle Shariah-compliant products, and Temenos’ track record and tailored capabilities for the Saudi market.

Note: the press release does not include a description of what Raya Financing does beyond the products listed above.

Temenos, which trades on the SIX exchange under the ticker TEMN, describes itself as a global leader in banking technology.

The upgrade arrives as Raya Financing moves into a fresh stage of expansion. Saudi Arabia’s finance company segment is growing steadily, supported by the Financial Sector Development Program under Vision 2030, which seeks to build a more diverse and efficient financial system.

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