The Bank Mashreq, based in the United Arab Emirates, has expanded its partnership with Oracle Financial Services to support its global growth. This extension will see Mashreq replacing its core systems with Oracle solutions in order to modernize, optimize, and scale its operations in key international hubs such as Hong Kong, the US, and the UK. Additionally, Mashreq is in the process of establishing a greenfield retail digital bank in Pakistan and a corporate digital bank in Oman to offer modern financial services. Oracle will provide the necessary foundation for Mashreq to integrate new entities and services, streamline operations, and meet industry standards as it expands globally.
Officials at Mashreq stated that the further modernization of its operations and the introduction of digital banking services in key markets highlight its dedication to providing an improved customer experience. Partnerships are a crucial aspect for Mashreq as they work towards their objectives, with confidence that their collaboration with Oracle will enhance their capabilities and performance.
Oracle Financial Services’ modern integration platform and APIs will allow Mashreq to scale, develop rapidly, and introduce new services to meet evolving market demands. This will also enable Mashreq to integrate with fintech partners to promote innovation. By hosting its core banking information on Oracle’s common data platform, Mashreq will have the infrastructure needed to support advanced analytics, regulatory compliance, and strategic decision-making.
In June 2023, Mashreq awarded Oracle with a global license expansion agreement to deploy the modern version of its single-core banking platform for retail and corporate businesses. The agreement includes the adoption of Oracle’s transactional banking platform, covering digital transactional banking, payments, trade finance, liquidity management, and virtual account management. These advanced solutions aim to enhance Mashreq’s ability to provide superior digital experiences to its transaction banking clients, improve visibility around working capital and liquidity, and leverage Oracle’s future-proof payments foundation and digitized trade finance capabilities.
Furthermore, Oracle credit management solutions have allowed Mashreq to modernize its global corporate banking credit management, including credit onboarding, limits, and collateral management. Mashreq has also implemented Oracle Exadata Cloud at Customer (ExaCC) to support its database workloads, along with various Oracle Financial Services solutions, as a step towards enhancing its technology infrastructure and operational efficiency.
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https://thepaypers.com/online-mobile-banking/mashreq-expands-its-reach-with-oracle–1268873