back Back

Mashreq partners with Oracle to supercharge its global expansion

By Gloria Methri

July 02, 2024

  • API Management
  • Asia
  • Core Banking Modernization

Mashreq, Oracle, Instant Payment, merchants, Central Bank of the UAE, QR-based payments, email address, Instant Real Time Payments, SMEs, Fintech news, Fintech UAEMashreq has extended its relationship with Oracle Financial Services to modernize its operations and support its growth globally. The bank will replace its core systems with Oracle solutions to streamline and enhance its operations in key international hubs, including Hong Kong, the United States, and the United Kingdom.

Mashreq is also in the process of establishing a greenfield retail digital bank in Pakistan and a corporate digital bank in Oman to deliver advanced financial services. Oracle will provide the robust foundation needed for Mashreq to integrate new entities and services, streamline operations, and comply with the latest industry standards as it expands across diverse geographies.

“Our collaboration with Oracle aligns seamlessly with our vision of enabling innovative possibilities for our clients, colleagues and communities across our global footprint,” said Mohamed Abdel Razek, Group Head of Technology, Transformation & Information at Mashreq. “The further modernization of our operations across our network and the establishment of digital banking services in key markets underscore our commitment to delivering an unparalleled customer experience.”

Oracle Financial Services’ modern integration platform and APIs will support Mashreq in scaling, quickly developing and adding new services to meet evolving market demands and integrating FinTech partners. With its core banking information residing in Oracle’s common data platform, Mashreq will also have the necessary infrastructure to support advanced analytics, compliance, and strategic decision-making.

“Extending our collaboration with Mashreq, which has spanned 14 years and five countries, is a testament to our innovation and commitment to help the bank deliver on its vision for superior customer satisfaction and global expansion goals,” said Vinayak Hampihallikar, Head of JAPAC & MEA Consulting, Oracle Financial Services. “Our pioneering technology and consulting expertise will play a crucial role in supporting Mashreq’s expansion plans and helping to redefine the landscape of digital banking and operational excellence.”

In June 2023, Mashreq signed a global license expansion deal with Oracle to deploy the latest version of the single-core banking platform for its retail and corporate businesses.

This includes the adoption of Oracle’s transaction banking platform including digital transaction banking, payments, trade finance, liquidity management, and virtual account management. These solutions will enable Mashreq to serve its transaction banking customer base with enhanced digital experiences and clarity around working capital and liquidity.

Previous Article

July 02, 2024

Bandhan Bank launches online collection of direct taxes facility

Read More
Next Article

July 02, 2024

Tonik’s banking experience gets a boost with Gupshup’s Gen AI chatbot

Read More

IBSi Daily News Analysis


July 19, 2024

API Management

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News


PayDo partners with ClearBank for automated currency conversion

Read More


QIB adds Request to Pay to Fawran instant payment service

Read More

July 22, 2024

Jifiti launches ‘Tap Now, Pay Later’ to enable banks to deploy loans with ease

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024