As a result of its partnership extension, Mashreq will replace its core systems with Oracle solutions to modernise, streamline, and augment its operations in key international hubs, including Hong Kong, the US, and the UK. Mashreq is also in the process of establishing a greenfield retail digital bank in Pakistan and a corporate digital bank in Oman to deliver modern financial services. Oracle will provide the robust foundation needed for Mashreq to integrate new entities and services, streamline operations, and comply with industry standards as it expands across diverse geographies.
Officials from Mashreq said that the further modernisation of their operations across their network, and the establishment of digital banking services in key markets, underscore their commitment to delivering an augmented customer experience. Partnerships are a key focus area for them, being critical to deliver on their goals, and they are confident their collaboration with Oracle will further enhance their capabilities and performance.
Oracle Financial Services’ modern integration platform and APIs will support Mashreq to scale, quickly develop, and add new services to meet evolving market demands and integrate 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.
In June 2023, Mashreq awarded Oracle a global license expansion deal to deploy the modern version of its single-core banking platform for retail and corporate businesses. This agreement includes adopting Oracle’s transaction banking platform, covering digital transaction banking, payments, trade finance, liquidity management, and virtual account management. These advanced solutions aim to increase Mashreq's ability to provide superior digital experiences to its transaction banking customers, improve clarity around working capital and liquidity, and benefit from Oracle's future-proof payments foundation and digitised trade finance capabilities.
Additionally, Oracle’s credit management solutions have allowed Mashreq to modernise its global corporate banking credit management, including credit onboarding, limits, and collateral management. Mashreq has also adopted Oracle Exadata Cloud at Customer (ExaCC) to support its database workloads, in conjunction with various Oracle Financial Services solutions, signifying a move towards enhancing its technological infrastructure and operational efficiency.
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