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Mashreq partners with Oracle to supercharge its global expansion

By Gloria Methri

July 02, 2024

  • API Management
  • Asia
  • Core Banking Modernization
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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.

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