Mashreq Extends Relationship with Oracle Financial Services for Global Expansion

Strategic Insights -

Mashreq, a leading financial institution in the MENA region, has extended its relationship with Oracle Financial Services to support its growth globally. The bank is replacing its core systems with Oracle solutions to modernize, streamline, and enhance its operations in key international hubs, including Hong Kong, the United States, and the United Kingdom. Mashreq is also establishing a greenfield retail digital bank in Pakistan and a corporate digital bank in Oman to deliver leading-edge financial services.

Key Takeaways:

  • Mashreq has extended its relationship with Oracle Financial Services, which has spanned 14 years and five countries, to support its global expansion goals.
  • The bank is replacing its core systems with Oracle solutions to modernize, streamline, and enhance its operations in key international hubs.
  • Mashreq is establishing a greenfield retail digital bank in Pakistan and a corporate digital bank in Oman to deliver leading-edge financial services.
  • Oracle Financial Services' modern integration platform and APIs will support Mashreq to scale, quickly develop and add new services to meet evolving market demands.
  • Mashreq will have the necessary infrastructure to support advanced analytics, compliance, and strategic decision-making.
  • Oracle's transaction banking platform, including digital transaction banking, payments, trade finance, liquidity management, and virtual account management, will enable Mashreq to serve its transaction banking customer base with enhanced digital experiences.
  • The bank can benefit from Oracle's future-proof payments foundation and digitized trade finance capabilities.
  • Mashreq has adopted Oracle Exadata Cloud at Customer (ExaCC) to support its database workloads.

Statistics:

  • Mashreq has a 14-year partnership with Oracle Financial Services.
  • The bank is expanding its operations to 5 countries.
  • Oracle Financial Services' modern integration platform and APIs will support Mashreq to scale.
  • Mashreq will have the necessary infrastructure to support advanced analytics, compliance, and strategic decision-making.
  • Oracle's transaction banking platform will enable Mashreq to serve its transaction banking customer base with enhanced digital experiences.
  • Mashreq has adopted Oracle Exadata Cloud at Customer (ExaCC).

Sources:

  • Mashreq press release, cited as no specific date,
  • Oracle Corporation press release, cited as no specific date,
  • "Driving digital innovation to better serve customers, after a thorough competitive review, Mashreq awarded Oracle a global license expansion deal in June 2023."

https://www.oracle.com/a/compare equalityfinancialservices.html