Mashreq Bank Partners with Oracle financial services for Global Expansion and Innovation
Mashreq is modernizing its core systems and enhancing operations across key international markets through an extended partnership with Oracle Financial Services.
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Mashreq Bank has announced an extended partnership with Oracle Financial Services to bolster its global growth. This strategic collaboration will see Mashreq replacing its core systems with Oracle solutions to modernize, streamline, and enhance operations in key international hubs, including Hong Kong, the United States, and the United Kingdom.
Additionally, Mashreq is establishing digital banks in Pakistan and Oman to offer cutting-edge financial services.
Partnership Details
Oracle will provide a robust foundation for Mashreq to integrate new entities and services, streamline operations, and comply with the latest industry standards as the bank expands into diverse geographies.
Mohamed Abdel Razek, Group Head of Technology, Transformation, and Information at Mashreq emphasized: “Our collaboration with Oracle aligns seamlessly with our vision of enabling innovative possibilities for our clients, colleagues and communities across our global footprint.
“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.
“Partnerships are a key focus area for us, being critical to deliver on our goals, and we are confident our collaboration with Oracle will further enhance our capabilities and performance.”
Oracle Financial Services‘ modern integration platform and APIs will enable Mashreq to scale, rapidly develop and add new services to meet evolving market demands and integrate with fintech partners to foster innovation.
With core banking information on Oracle’s common data platform, Mashreq will have the infrastructure to support advanced analytics, compliance, and strategic decision-making.
Vinayak Hampihallikar, Head of JAPAC & MEA Consulting at Oracle Financial Services, remarked, ” 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.
“Our pioneering technology and consulting expertise will play a crucial role in supporting Mashreq’s expansion plans and helping to redefine the landscape of digital banking and operational excellence.”
Following a comprehensive 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 adopting Oracle’s transaction banking platform for digital transaction banking, payments, trade finance, liquidity management, and virtual account management.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Employment grew for the 16th consecutive month as companies expanded.
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According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
