Mashreq Bank Partners with Oracle to Enhance Global Operations
Darius Baruo Jun 27, 2024 02:21
Mashreq Bank extends its partnership with Oracle Financial Services to modernize its core banking systems and support global expansion.
Mashreq, a leading financial institution in the MENA region, has announced an extension of its partnership with Oracle Financial Services aimed at supporting its global growth initiatives. This collaboration was formalized during a signing ceremony attended by Mohamed Abdel Razek, Group Head of Technology, Transformation & Information at Mashreq, and Vinayak Hampihallikar, Head of JAPAC & MEA Consulting at Oracle Financial Services, according to oracle.com.
Modernizing Core Banking Systems
As part of this collaboration, Mashreq will replace its core banking systems with Oracle solutions to modernize, streamline, and enhance its operations in key international hubs such as Hong Kong, the United States, and the United Kingdom. Additionally, Mashreq is in the process of establishing a greenfield retail digital bank in Pakistan and a corporate digital bank in Oman. These new ventures will leverage Oracle's robust foundation to integrate new entities and services, streamline operations, and comply with the latest industry standards.
“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. He emphasized that the modernization of operations and the establishment of digital banking services in key markets underscore Mashreq's commitment to delivering an unparalleled customer experience.
Driving Digital Innovation
Oracle Financial Services' modern integration platform and APIs will support Mashreq in scaling, quickly developing, and adding new services to meet evolving market demands. This includes integrating with fintech partners to foster innovation. With core banking information residing in Oracle's common data platform, Mashreq will 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,” noted Vinayak Hampihallikar. He added that Oracle's pioneering 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.
Enhancing Transaction Banking and Credit Management
Following a 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, covering 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 better clarity around working capital and liquidity.
Moreover, Oracle's credit management solutions have enabled Mashreq to 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) to support its database workloads.
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