System Integration for a Compliant Digital Bank Launch in Singapore

Overview

The client, a newly established digital wholesale bank in Singapore, set out to serve MSMEs and non-retail clients with tailored loan, payment, and trade financing solutions. However, due to a lack of legacy infrastructure, they faced significant challenges operating in one of the world’s most regulated financial markets. The bank partnered with Tech Mahindra as the system integrator to achieve a seamless market entry.More

The client, a newly established digital wholesale bank in Singapore, set out to serve MSMEs and non-retail clients with tailored loan, payment, and trade financing solutions. However, due to a lack of legacy infrastructure, they faced significant challenges operating in one of the world’s most regulated financial markets. The bank partnered with Tech Mahindra as the system integrator to achieve a seamless market entry. Tech Mahindra integrated core banking systems with over 20 third-party vendors while ensuring regulatory compliance and operational efficiency.

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Industry Challenge

The client, a Singapore-headquartered financial group with diversified wholesale and retail banking operations, aimed to launch a new digital banking entity. To begin operations, the bank first had to comply with the stringent requirements of the Monetary Authority of Singapore (MAS). These included critical regulatory mandates such as Know Your Customer (KYC), Anti-Money Laundering (AML), and robust risk control frameworks. Key challenges included:

  • The bank had to meet MAS’s strict compliance requirements within an accelerated launch timeline.
  • Lacking prior experience in banking, the client faced significant gaps in domain expertise and internal IT capabilities.
  • The project required coordination with 20+ vendors and deploying Huawei Cloud despite limited experience with core banking systems.

Our Approach and Solution

We led the end-to-end implementation as the system integrator to build a secure, scalable digital bank and ensure regulatory readiness. The engagement followed a hybrid Agile-Waterfall approach to combine structured delivery with adaptability. Key features included:

Core Banking (Temenos Transact)

Included modules for customers, accounts, loans and deposits, payments (RTGS, Instant, SWIFT), limit and collateral, and treasury.

Digital Banking

Delivered internet and mobile banking applications.

Regulatory Compliance

Enabled KYC, AML, online identity verification, financial management, and regulatory reporting (including Moody's Credit Lens).

Payments Infrastructure

Supported real-time and batch transactions through MEPS+ and G3 Fast payments.

Cloud Deployment

Built a scalable infrastructure on Huawei Cloud.

API & Middleware

Developed microservices-based integration across banking modules.

Third-Party Integration

Led the selection and integration of essential third-party banking solutions through a structured RFP process, ensuring smooth coordination among over 20 vendors.

Business Operations

Streamlined business workflows and vendor management for operational efficiency.

Testing

Executed 2,000+ test cases with 70% automation. Customized RTGS and instant payments, and developed 200+ microservices for seamless integration.

Business and Community Impact

The digital wholesale bank implementation delivered across operational and regulatory dimensions resulted in several key achievements:

  • Accelerated Go-Live: Adhered to MAS timelines through a phased rollout, successfully launching on schedule (August 2021 – May 2022) with full regulatory compliance.
  • Regulatory Readiness: Achieved complete alignment with MAS guidelines, audit frameworks, and risk control measures.
  • Enhanced Payment Capabilities: Enabled fast, secure transactions via MEPS+ and G3 Fast payment systems, improving transaction speed and reliability.
  • Automated Processes: Automated almost 100% of customer-facing processes, reducing manual effort and enhancing operational efficiency.
  • Scalability and Secure Architecture: Deployed a cloud-native platform with robust security controls, ensuring scalability and future readiness.