Mashreq, a leading financial institution in the MENA region, announced recently that it has extended its relationship with Oracle Financial Services to support its growth globally.
Industry sources confirmed that Mena’s leading Banking Institution has announced the collaboration at a signing ceremony attended by Mohamed Abdel Razek, Group Head of Technology, Transformation & Information at Mashreq, and Vinayak Hampihallikar, Head of JAPAC & MEA Consulting, Oracle Financial Services.
Industry sources added that the bank will replace its core systems with Oracle solutions to modernize, 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 digital banks in Pakistan and Oman to deliver leading-edge 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.
Mohamed Abdel Razek, Group Head of Technology, Transformation & Information at Mashreq stated “Our collaboration with Oracle aligns seamlessly with our vision of enabling innovative possibilities for our clients, colleagues, and communities across our global footprint. 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. Partnerships are a key focus area for us, being critical to deliver on our goals, and we are confident our collaboration with Oracle will further enhance our capabilities and performance.”
Vinayak Hampihallikar, Head of JAPAC & MEA Consulting, Oracle Financial Services stated “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. 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.”
Industry sources added that Oracle Financial Services’ modern integration platform and APIs will focus on to giving aid to Mashreq to scale, quickly develop and add new services to meet evolving market demands, and integrate with fintech partners to help foster innovation. 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.
After a thorough competitive review, Mashreq awarded Oracle a global license expansion deal in June 2023 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. The bank can also benefit from the future-proof payments foundation and digitized trade finance capabilities Oracle provides.
Oracle’s credit management solutions have enabled Mashreq to further modernize the credit management landscape for its global corporate banking business including credit onboarding, credit limits, and collateral management capabilities. In addition to several Oracle Financial Services solutions, Mashreq has adopted Oracle Exadata Cloud at Customer (ExaCC), a pivotal move to support its database workloads.
