Mashreq, a financial institution in the MENA region, is set to expand its global footprint and modernize its banking operations through an extended partnership with Oracle Financial Services. The announcement was made at a signing ceremony attended by Mashreq’s Group Head of Technology, Transformation & Information, Mohamed Abdel Razek, and Oracle Financial Services’ Head of JAPAC & MEA Consulting, Vinayak Hampihallikar.
As part of this collaboration, Mashreq will overhaul its core systems with Oracle solutions to streamline and enhance operations in key international hubs, including Hong Kong, the United States, and the United Kingdom. The bank is also launching digital banks in Pakistan and Oman to offer advanced financial services, leveraging Oracle’s robust foundation to integrate new entities and services, ensure operational efficiency, and meet industry standards.
Strategic Vision and Customer Experience
“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. “The modernization of our operations and the establishment of digital banking services in key markets underscore our commitment to delivering an unparalleled customer experience. Partnerships are crucial to achieving our goals, and we are confident that our collaboration with Oracle will enhance our capabilities and performance.”
Oracle’s modern integration platform and APIs will enable Mashreq to scale efficiently, develop and add new services rapidly, and integrate with fintech partners to drive innovation. With Oracle’s common data platform, Mashreq will have the infrastructure to support advanced analytics, compliance, and strategic decision-making.
Supporting Global Expansion
“Extending our collaboration with Mashreq, which spans 14 years and five countries, is a testament to our innovation and commitment to helping the bank achieve superior customer satisfaction and global expansion goals,” said Vinayak Hampihallikar. “Our 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.”
Driving Digital Innovation
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 Oracle’s transaction banking platform, covering digital transaction banking, payments, trade finance, liquidity management, and virtual account management. These solutions will enhance Mashreq’s ability to serve its transaction banking customer base with improved digital experiences and clarity around working capital and liquidity.
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. Additionally, Mashreq has adopted Oracle Exadata Cloud at Customer (ExaCC) to support its database workloads.
For more information, visit [Mashreq](https://www.mashreqbank.com) and [Oracle Financial Services](https://www.oracle.com/industries/financial-services/).
