Mashreq, a leading financial institution in the MENA region, has announced an expansion of its collaboration with Oracle Financial Services to support its global growth. The bank will replace its core systems with Oracle solutions to modernize and optimize its operations in key international hubs such as Hong Kong, the United States, and the United Kingdom. Mashreq is also establishing digital banks in Pakistan and Oman. Oracle will provide the foundation needed for Mashreq to integrate new entities and services, streamline operations, and meet industry standards as it expands across diverse geographies.
Mohamed Abdel Razek, Group Head of Technology at Mashreq, highlighted the importance of the collaboration with Oracle in enabling innovative possibilities for customers across the global footprint. The partnership aims to modernize operations and establish digital banking services in key markets to deliver an unparalleled customer experience. Oracle’s modern integration platform and APIs will help Mashreq scale and develop new services, integrate with fintech partners, and support advanced analytics and strategic decision-making.
Vinayak Hampihallikar, Head of JAPAC Consulting and MEA at Oracle Financial Services, emphasized the longstanding collaboration with Mashreq and the commitment to supporting the bank’s vision of superior customer satisfaction and global expansion goals. Oracle’s technology and consulting expertise will play a crucial role in supporting Mashreq’s expansion plans and redefining the landscape of digital banking and operational excellence.
After a competitive review process, Mashreq awarded Oracle a global license expansion agreement in June 2023 to deploy the latest version of the single-core banking platform for its retail and corporate businesses. This includes adopting Oracle’s transaction banking platform, credit management solutions, and Oracle Exadata Cloud at Customer to support database workloads. These solutions will enhance digital experiences for customers, provide clarity on working capital and liquidity, and modernize credit management capabilities for Mashreq’s global corporate banking business.
Overall, the collaboration between Mashreq and Oracle signifies a strategic partnership focused on driving digital innovation, enhancing customer satisfaction, and supporting global expansion goals. The integration of Oracle’s technology and consulting expertise will enable Mashreq to deliver exceptional financial services and redefine the landscape of digital banking.
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https://ffnews.com/newsarticle/fintech/mashreq-to-expand-its-global-reach-with-oracle/
