Mashreq has announced an extension of its partnership with Oracle Financial Services to bolster its global growth strategy.
The bank plans to update its core systems with Oracle solutions to modernise and streamline operations across key international centres such as Hong Kong, the United States, and the United Kingdom. Additionally, Mashreq is in the process of launching digital banks in Pakistan and Oman to offer advanced financial services.
Mohamed Abdel Razek, Group Head of Technology, Transformation, and Information at Mashreq, commented, “Our collaboration with Oracle seamlessly supports our vision of unlocking innovative opportunities for our clients, colleagues, and communities worldwide. This further modernisation of our operations and the introduction of digital banking services underline our commitment to delivering an exceptional customer experience.”
Oracle will provide the robust foundation needed for Mashreq to integrate new services and entities, enhance operational efficiency, and ensure compliance with industry standards across diverse geographies.
Vinayak Hampihallikar, Head of JAPAC & MEA Consulting at Oracle Financial Services, stated, “Extending our partnership with Mashreq, which spans 14 years and five countries, underscores our commitment to innovation and supporting the bank’s goals for superior customer satisfaction and global expansion.”
Following a competitive evaluation, Mashreq awarded Oracle a global license expansion deal in June 2023 to implement the latest version of Oracle’s unified core banking platform for both retail and corporate businesses. This includes adopting Oracle’s transaction banking platform, encompassing digital transaction banking, payments, trade finance, liquidity management, and virtual account management.
