Mashreq Bank to roll out Oracle’s core banking system globally

Mashreq, a top financial institution in the MENA region, announced an extended partnership with Oracle Financial Services to support its global growth.

The announcement was made at a signing ceremony attended by Mohamed Abdel Razek, Mashreq’s group head of Technology, Transformation & Information, and Vinayak Hampihallikar, Oracle Financial Services’ head of JAPAC and MEA Consulting.

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As part of this collaboration, Mashreq will upgrade its core banking systems using Oracle’s solutions.

This modernisation will enhance operations in major international hubs like Hong Kong, the US, and the UK. Additionally, Mashreq is setting up digital banks in Pakistan and Oman, aiming to deliver cutting-edge financial services.

Mohamed Abdel Razek highlighted the alignment of this partnership with Mashreq’s vision. “Modernising our operations and establishing digital banking services underscores our commitment to an unparalleled customer experience,” he said.

He emphasised that partnerships are crucial for achieving their goals and expressed confidence in Oracle’s ability to enhance Mashreq’s capabilities and performance.

Oracle’s technology will allow Mashreq to scale quickly, develop new services, and integrate with fintech partners. This will foster innovation and help meet evolving market demands.

With Oracle’s common data platform, Mashreq will also have the infrastructure needed for advanced analytics, compliance, and strategic decision-making.

Vinayak Hampihallikar from Oracle praised the extended collaboration. “Our partnership with Mashreq, spanning 14 years and five countries, demonstrates our commitment to helping the bank achieve superior customer satisfaction and global expansion,” he said.

He noted that Oracle’s technology and consulting expertise would be crucial in supporting Mashreq’s expansion and redefining digital banking.

Following a thorough review, Mashreq awarded Oracle a global license expansion in June 2023.

This includes deploying the latest core banking platform for retail and corporate businesses and adopting Oracle’s transaction banking solutions.

These solutions will enhance Mashreq’s ability to serve its customers with improved digital experiences and efficient management of working capital and liquidity.

Oracle‘s credit management solutions will further modernise Mashreq’s corporate banking business, including credit onboarding and collateral management.

The bank said it will also benefit from Oracle’s Exadata Cloud at Customer (ExaCC) to support its database workloads, ensuring future-ready banking capabilities.

This partnership signifies a crucial step for Mashreq in its journey towards global expansion and digital innovation, reinforcing its commitment to delivering top-tier financial services across its network.