Mashreq Bank has partnered with Oracle Financial Services to support its growth globally.
The lender will replace its core systems with Oracle solutions to modernise, streamline, and enhance its operations in key international hubs, including Hong Kong, the US and the UK.
Mashreq is establishing digital banks in Pakistan and Oman to deliver leading-edge financial services. The collaboration with Oracle will provide a robust foundation for the bank to integrate new entities and services, streamline operations, and comply with the latest industry standards as it expands across diverse geographies.
“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, Group Head of Technology, Transformation & Information at Mashreq.
“The further modernisation 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.”
Oracle Financial Services’ modern integration platform and APIs will support Mashreq in scaling, quickly developing and adding new services to meet evolving market demands, and integrating 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.
Oracle will deploy its latest version of the single-core banking platform for Mashreq’s retail and corporate businesses.
This includes adopting Oracle’s transaction banking platform, which provides for digital transaction banking, payments, trade finance, liquidity management, and virtual account management. The banking solutions are expected to help Mashreq serve its transaction banking customer base with enhanced digital experiences and clarity around working capital and liquidity.
Oracle’s credit management solutions have enabled Mashreq to further modernise the credit management landscape for its global corporate banking business, including credit onboarding, credit limits, and collateral management capabilities.
