Mashreq forges strategic partnership with Profinch for global expansion

By Gloria Methri

Mashreq has onboarded India’s Profinch as a strategic technology partner for its global expansion, with the FinTech company anchoring its key technology transformations.

The partnership will involve Mashreq and Profinch collaborating on technology transformation programs to strengthen the former’s position in the markets and aid global expansion. As part of the strategic alliance, Profinch will implement Oracle’s corporate and digital banking products in the Payments, Trade, and Digital Experience domains across Oman, Pakistan, the US, the UK, and Hong Kong.

Mashreq has been partnering with Profinch for the last few years, driving successful project go-lives of Oracle’s corporate and digital banking products in the UAE, Bahrain, Qatar, Kuwait, and Egypt. Additionally, Profinch’s Host2Host application, which supports 150 ERPs and was developed using Profinch’s Atumverse framework, is live across all five countries.

Mohamed Abdel Hamid Abdel-Razek, Group Head of Technology, Transformation, and Information at Mashreq, said, “Our continuous quest to provide superior customer experience is our driving force to seek innovative partners who are key stakeholders in driving value to our customers. Profinch’s deep domain expertise and implementation prowess will be critical in transforming Mashreq’s corporate and digital banking landscape, and we look up to Profinch as our trusted advisor.”

Kiran Kumar, Executive Director of Profinch, added, “Profinch has been at the forefront of transforming technology in financial services and the insurance space, and this collaboration testifies to our deep expertise and knowledge. With over 100 Profinch’s SMEs and technologists engaged in the Mashreq project, we have one of the largest specialized transaction banking and digital banking teams dedicated to this strategic project. We are looking forward to strengthening this partnership and assisting Mashreq in achieving their technology, business, and operations objectives.”

This strategic partnership will see the confluence of Mashreq’s unhindered commitment to its customers and Profinch’s relentless drive to excellence, all with the single goal of driving end customer value and delight.