SAP SE (NYSE: SAP) today announced the global launch of SAP Fioneer, a joint venture for the financial services industry (FSI) between SAP and Dediq GmbH. The launch follows the announcement to establish the company made in April of this year by SAP and Dediq, an entrepreneurial investor focused on information technology and digital businesses. SAP Fioneer expands the financial service software offered by SAP. It also develops new solutions to serve its customers in the rapidly changing banking and insurance industries.
Today’s go-live of SAP Fioneer marks another important milestone in SAP’s long history of success in the FSI market. More than 800 of the world’s top 1,000 banks and insurance companies are SAP customers. SAP Fioneer focuses fully on accelerated innovation in the area of core banking, core insurance and FSI-specific finance solutions and is mandated to extend the SAP for Banking and SAP for Insurance solution portfolios to cover banking and insurance processes holistically.
“As in any other industry, companies in financial services need to transform their business to stay ahead of the competition,” said Christian Klein, CEO and Member of the Executive Board, SAP SE. “SAP Fioneer will help them to meet their needs for speed, scalability and cost-efficiency through digital business innovation, cloud technology and solutions that cover banking and insurance processes end to end. SAP has a long and successful track record in the financial services industry, and I am convinced that SAP Fioneer will become a leading global provider of financial services software solutions and platforms.”
SAP Fioneer enables customers to innovate and transform their business by combining premier technology with development expertise and a global network of customers, partners and colleagues. SAP Fioneer will have operations in more than 10 countries in Europe, North and Latin America and the Asia-Pacific region by end of 2021. SAP will continue to sell and support SAP® solutions for enterprise information management and line-of-business solutions to FSI companies and SAP customers will remain SAP customers.
“Our customers can expect the same high-quality engagement they are used to, but now also benefit from new capabilities. Solutions of SAP Fioneer will be based on integrated data and allow customers to move FSI processes to SAP Business Technology Platform in the cloud,” said Dirk Kruse, CEO, SAP Fioneer. “We are excited to accelerate the business transformations of our customers with innovative solutions that will be built as part of SAP’s industry cloud solutions, all based on SAP technologies and applications.”