Latest news with #MiljanStamenkovic
Finextra
27-06-2025
- Business
- Finextra
Moldovan bank maib signs with Tuub for Romanian ops
Tuum, the next-generation core banking platform, has announced today a strategic partnership with maib in Romania, where Moldova's largest bank looks at establishing its digital banking presence with asset-light retail-only offering. 0 Tuum's SaaS core banking platform will serve as the foundation for maib's greenfield operations in Romania. Maib selected Tuum in Romania after a comprehensive evaluation of leading core banking providers. Tuum stood out for its modularity, modern architecture, and rare ability to support agnostic deployment. This feature, enabling in-country deployment where necessary, was a key differentiator, future-proofing maib European data residency compliance as it scales. Jurgen de Ruijter, Head Representative of maib's operations in Romania, stated: 'Maib's decision to partner with Tuum came after a comprehensive evaluation of leading core banking platforms. Tuum was identified as the most modern, modular, and technologically advanced platform, setting it apart from other next-generation core banking solutions. We believe this solution supports us in our endeavour to build the next generation fintech.' Miljan Stamenkovic, Chief Revenue Officer at Tuum, commented: 'This is a milestone partnership for Tuum and a powerful validation of our platform's leadership in the European core banking market. Maib's expansion into Romania is one of the most ambitious digital banking initiatives in the region, and we're proud to support it with a solution engineered for speed, scalability, and compliance. Our agnostic deployment capability was a decisive factor—proving once again that flexibility is key in enabling banks to move fast and scale smart.' This deal highlights Tuum's leadership in enabling established financial institutions to execute 'launch and expand' strategies with modern, cloud-native technology. It reinforces Tuum's role as a strategic partner for ambitious digital banking ventures across Europe.
Yahoo
20-06-2025
- Business
- Yahoo
LHV Bank, Salt Edge, Tuum enter open banking alliance
LHV Bank, a subsidiary of LHV Group, has partnered with Salt Edge and Tuum to bolster its open banking capabilities and streamline operations in compliance with UK regulations. The collaboration leverages Tuum's advanced core banking platform and Salt Edge's Open Banking Compliance solution to deliver enhanced services to customers. Since 2022, Tuum and Salt Edge have worked together to enable European financial institutions to adopt open banking features efficiently. Their partnership provides a modular, 'API-first' core banking system that integrates seamlessly with secure open banking functionalities. LHV Bank, a Banking-as-a-Service (BaaS) provider serving more than 200 fintechs with retail banking and business lending solutions, has benefited significantly from this alliance, said Tuum. To modernise its core banking infrastructure, LHV Bank selected Tuum's platform. Tuum sales vice president Miljan Stamenkovic said: 'Our partnership with Salt Edge allows institutions like LHV Bank to unlock the full potential of open banking while remaining fully compliant from day one.' Additionally, the bank adopted Salt Edge's Open Banking Compliance product to meet the UK's stringent open banking standards. The solution includes a comprehensive toolkit, management dashboards, and a robust third-party provider (TPP) verification system, allowing LHV Bank to prioritise the development of innovative banking products while ensuring regulatory compliance. LHV Bank product management domain lead Marten Vill said: 'Open Banking is an incredible opportunity but also a technical and regulatory puzzle. Salt Edge helps us solve that puzzle without spending years assembling all the pieces ourselves. 'This way, we can focus on delivering innovative banking services, not just ticking compliance boxes.' Recently, Dutch digital banking software provider Plumery collaborated with Salt Edge to improve digital banking experiences. "LHV Bank, Salt Edge, Tuum enter open banking alliance" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Khaleej Times
21-05-2025
- Business
- Khaleej Times
Tuum expands Islamic banking suite with new cloud-native modules
Tuum, the next-generation core banking provider, is set to unveil its comprehensive Islamic Banking suite at Seamless Middle East. This follows last year's announcement of Tuum's foundational Islamic Banking capabilities. The Islamic finance sector is projected to reach $5.9 trillion by 2026, driven by increasing demand for ethical, interest-free financial services across both established and emerging markets. However, legacy technology limitations, coupled with a lack of scalable digital solutions, have hindered Islamic banks' ability to modernize, innovate, and meet evolving customer expectations. Tuum's Islamic Banking suite is designed to empower financial institutions with a cloud-native, highly flexible, and scalable platform that ensures seamless compliance with Sharia principles. Built to support both fully Islamic banks and Islamic banking windows, Tuum's modular core enables institutions to launch and scale Islamic banking products with agility. Tuum has partnered with DDCAP Group, a leading facilitator of asset-backed, Sharia-compliant transactions. This collaboration enhances Tuum's capabilities by enabling automated Tawarruq execution, streamlining trade execution, asset registry, and settlement tracking while ensuring full Sharia compliance. 'As demand for Sharia-compliant banking solutions continues to grow, financial institutions need a core banking platform that balances compliance with innovation,' said Miljan Stamenkovic, VP Sales at Tuum. 'Tuum's modern, cloud-native technology provides that foundation, while our partnership with DDCAP further strengthens our offering by automating key Islamic financing workflows.' The expanded offering now includes dedicated Islamic Accounts & Deposits—covering Mudarabah, Wakalah, Wadiah, and Qard Hassan—as well as an advanced Islamic Lending module featuring Tawarruq-based consumer finance. These additions position Tuum as one of the few cloud-native core banking platforms capable of supporting both full-fledged Islamic banks and Islamic banking windows. Tuum's entry into the Islamic Banking space aligns with its broader expansion into the Middle East and North Africa (MENA) region, where demand for digital-first, Sharia-compliant banking solutions is on the rise. Tuum's cloud-native platform is designed for flexibility, offering deployment on locally available hyperscalers—including Google Cloud, AWS, OCI, and Azure—as well as private cloud options, ensuring compliance with regional data residency requirements. Building on this launch, Tuum is already developing Islamic Card solutions, including Islamic debit cards, Ujrah-based credit cards, and Tawarruq credit cards. These will be introduced in line with Tuum's 2025 product roadmap.
Mid East Info
19-05-2025
- Business
- Mid East Info
Tuum Expands Islamic Banking Suite with New Cloud-Native Modules, Launching at Seamless Middle East - Middle East Business News and Information
Dubai, UAE – May 19, 2025 – Tuum, the next-generation core banking provider, is set to unveil its comprehensive Islamic Banking suite at Seamless Middle East, reinforcing its commitment to empowering financial institutions with cutting-edge, Sharia-compliant banking solutions. This marks a major milestone following last year's announcement of Tuum's foundational Islamic Banking capabilities. The Islamic finance sector is projected to reach $5.9 trillion by 2026, driven by increasing demand for ethical, interest-free financial services across both established and emerging markets. However, legacy technology limitations, coupled with a lack of scalable digital solutions, have hindered Islamic banks' ability to modernize, innovate, and meet evolving customer expectations. Innovation and Compliance: Advancing Islamic Banking with Modern Technology Tuum's Islamic Banking suite is designed to empower financial institutions with a cloud-native, highly flexible, and scalable platform that ensures seamless compliance with Sharia principles. Built to support both fully Islamic banks and Islamic banking windows, Tuum's modular core enables institutions to launch and scale Islamic banking products with agility. As part of its commitment to delivering best-in-class solutions, Tuum has partnered with DDCAP Group, a leading facilitator of asset-backed, Sharia-compliant transactions. This collaboration enhances Tuum's capabilities by enabling automated Tawarruq execution, streamlining trade execution, asset registry, and settlement tracking while ensuring full Sharia compliance. 'As demand for Sharia-compliant banking solutions continues to grow, financial institutions need a core banking platform that balances compliance with innovation,' said Miljan Stamenkovic, VP Sales at Tuum. 'Tuum's modern, cloud-native technology provides that foundation, while our partnership with DDCAP further strengthens our offering by automating key Islamic financing workflows.' Key Differentiators of Tuum's Islamic Banking Solution The expanded offering now includes dedicated Islamic Accounts & Deposits—covering Mudarabah, Wakalah, Wadiah, and Qard Hassan—as well as an advanced Islamic Lending module featuring Tawarruq-based consumer finance. These additions position Tuum as one of the few cloud-native core banking platforms capable of supporting both full-fledged Islamic banks and Islamic banking windows. Islamic Deposit Accounts – Support for Mudarabah, Wakalah, Wadiah, and Qard Hassan accounts with automated profit-sharing. – Support for Mudarabah, Wakalah, Wadiah, and Qard Hassan accounts with automated profit-sharing. Real-Time Islamic Profit Calculation & Distribution – Ensures precise and transparent profit-sharing, aligned with Sharia principles – Ensures precise and transparent profit-sharing, aligned with Sharia principles Standalone Profit-Sharing Module – A unique module that integrates with any core banking system to enable automated Mudarabah and Wakalah-based profit distribution. – A unique module that integrates with any core banking system to enable automated Mudarabah and Wakalah-based profit distribution. Automated Sharia Compliance – Built-in validations to streamline compliance with AAOIFI standards, reducing manual intervention and audit complexities. – Built-in validations to streamline compliance with AAOIFI standards, reducing manual intervention and audit complexities. Tawarruq-Based Financing – Digitized execution of Murabaha and Istisna transactions, ensuring seamless compliance. – Digitized execution of Murabaha and Istisna transactions, ensuring seamless compliance. Unified Lending Framework – Embeds Islamic financing within Tuum's existing loan and finance module, allowing financial institutions to manage both conventional and Islamic financing in a single system. Unlocking Growth in the Islamic Banking Sector Tuum's entry into the Islamic Banking space aligns with its broader expansion into the Middle East and North Africa (MENA) region, where demand for digital-first, Sharia-compliant banking solutions is on the rise. Tuum's cloud-native platform is designed for flexibility, offering deployment on locally available hyperscalers—including Google Cloud, AWS, OCI, and Azure—as well as private cloud options, ensuring compliance with regional data residency requirements. With its scalable architecture, best-of-breed ecosystem partners like DDCAP, and deep regional expertise, Tuum is well-positioned to empower financial institutions looking to modernize their Islamic Banking offerings. What's Next? Building on this launch, Tuum is already developing Islamic Card solutions, including Islamic debit cards, Ujrah-based credit cards, and Tawarruq credit cards. These will be introduced in line with Tuum's 2025 product roadmap. Tuum's presence at Seamless Middle East underscores its vision of banking without limits—helping institutions modernize their technology, enter new markets, and deliver financial products that truly resonate with their customers. Visit Tuum at Seamless Middle East 2025 to explore the future of Islamic Banking. – Ends- About Tuum Tuum is the core banking platform for a world of banking without limits. Built for institutions ready to modernize, scale, and lead, Tuum helps banks, lenders and fintechs escape the constraints of legacy technology and accelerate into a new era of agility, innovation, and growth. Cloud-native and modular by design, Tuum supports all key financial business models — from lending and payments to BaaS and Islamic banking — on a single, extensible platform. Clients can modernize progressively, launch products in weeks, and expand into new markets without sacrificing control, compliance, or performance. With enterprise-grade scalability, real-time processing, and an open API architecture, Tuum delivers the flexibility to adapt fast — while significantly lowering total cost of ownership and shifting budgets toward innovation. Tuum is trusted by leading financial institutions across the globe to build the future of banking — one without limits. Tuum. Banking without limits.
Fintech News ME
19-05-2025
- Business
- Fintech News ME
Tuum Debuts Islamic Banking Platform to Power Next-Gen Sharia-Compliant Finance
Tuum, a core banking provider based in Estonia, will unveil its Islamic Banking suite at Seamless Middle East, expanding on its previously announced Sharia-compliant capabilities. Islamic finance is projected to reach US$5.9 trillion by 2026, driven by demand for ethical, interest-free financial services. However, outdated technology and limited digital infrastructure continue to hinder innovation and customer experience in Islamic banking. Tuum's new suite provides a cloud-native, modular platform that supports both fully Islamic banks and Islamic banking windows. The system is designed to help institutions launch and scale Islamic financial products while maintaining Sharia compliance. As part of the rollout, Tuum has partnered with DDCAP Group, a facilitator of asset-backed, Sharia-compliant transactions. The integration enables automated Tawarruq execution, streamlining trade processes, asset registry, and settlement tracking. 'As demand for Sharia-compliant banking solutions continues to grow, financial institutions need a core banking platform that balances compliance with innovation,' said Miljan Stamenkovic, VP Sales at Tuum. 'Tuum's modern, cloud-native technology provides that foundation, while our partnership with DDCAP further strengthens our offering by automating key Islamic financing workflows.' The offering includes support for Islamic deposit accounts such as Mudarabah, Wakalah, Wadiah, and Qard Hassan, with automated profit-sharing. A standalone module enables automated Mudarabah and Wakalah profit distribution, compatible with any core system. The suite also includes real-time profit calculation, built-in Sharia compliance checks aligned with AAOIFI standards, and Tawarruq-based financing with digital execution of Murabaha and Istisna contracts. Islamic financing is embedded within Tuum's existing lending module, allowing for the management of both conventional and Islamic loans in one system. The platform supports deployment on public cloud providers, Google Cloud, AWS, OCI, and Azure, as well as private cloud options, meeting data residency requirements in the Middle East and North Africa, where Tuum is expanding its presence. Tuum is also developing Islamic card products, including Islamic debit cards, Ujrah-based credit cards, and Tawarruq credit cards, scheduled for release as part of its 2025 roadmap.
