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
Ensuring comprehensive health care and fostering innovation and job growth within the health sector.
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The Council of Health Insurance and the Saudi Insurance Authority began implementing this decision, requiring employers to provide insurance for domestic workers if their number exceeds four.
The general requirements for applying benefits and coverage under the policy include submitting a medical disclosure form, obtaining approval from the health insurance company, and insuring all workers.
This mandatory health insurance initiative is part of the Council of Health Insurance and the Insurance Authority‘s efforts to ensure comprehensive care, prevention, justice, transparency, and excellence in performance for all stakeholders.
The decision aims to achieve comprehensive health care, sustain health coverage, and encourage health insurance companies and healthcare providers to develop new products and create job opportunities in medical and non-medical specialties.
Iman Al-Tariqi, the official spokesperson of the Council of Health Insurance, explained that the domestic workers’ insurance policy covers primary care, public health, emergency cases, hospitalization without a deductible, emergency treatments for clinics with unlimited visits, vaccinations, and examinations.
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
