Mashreq has recently announced an expansion of its partnership with Oracle Financial Services in order to support its global growth initiatives. The bank will be replacing its core systems with Oracle solutions in order to modernize, streamline, and enhance its operations in key international hubs such as Hong Kong, the United States, and the United Kingdom.
Mohamed Abdel Razek, Group Director of Technology, Transformation, and Information at Mashreq, expressed that the collaboration with Oracle aligns perfectly with the bank’s vision of enabling innovative possibilities for its customers, colleagues, and communities worldwide. This modernization effort aims to improve customer experience and establish digital banking services in important markets.
In addition to the expansion with Oracle, Mashreq is also in the process of establishing digital banks in Pakistan and Oman. Oracle’s solutions will provide a solid foundation for Mashreq to integrate new entities and services, comply with industry standards, and expand its reach across different regions. The integration platform and APIs offered by Oracle Financial Services will enable Mashreq to scale, develop new services quickly, and collaborate with fintech partners to drive innovation.
Vinayak Hampihallikar, Director of JAPAC & MEA Consulting at Oracle Financial Services, highlighted the longstanding collaboration with Mashreq spanning over 14 years and five countries. He emphasized Oracle’s commitment to assisting Mashreq in achieving customer satisfaction and global expansion goals through cutting-edge technology and consulting expertise.
The partnership between Mashreq and Oracle aims to redefine the landscape of digital banking and operational excellence. By leveraging Oracle’s common data platform for core banking information, Mashreq will have the infrastructure necessary to support advanced analytics, compliance, and strategic decision-making.
The joint effort between Mashreq and Oracle is expected to enhance the bank’s capabilities and performance, providing a solid technological foundation for its expansion plans and digital transformation initiatives. The collaboration underscores the importance of partnerships in achieving strategic objectives and delivering superior customer experiences in the ever-evolving financial services industry.
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https://finance.yahoo.com/news/mashreq-expands-global-reach-oracle-102506583.html
