Mashreq to Expand its Global Reach with Oracle

Mashreq has extended its relationship with Oracle Financial Services to support its growth globally. The bank announced the collaboration at a signing ceremony attended by Mohamed Abdel Razek, Group Head of Technology, Transformation & Information at Mashreq, and Vinayak Hampihallikar, Head of JAPAC & MEA Consulting, Oracle Financial Services. 

The bank will replace 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 in the process of establishing digital banks in Pakistan and Oman to deliver leading-edge financial services. Oracle will provide the robust foundation needed for Mashreq 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 modernization 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 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.

“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,” said Vinayak Hampihallikar, Head of JAPAC & MEA Consulting, Oracle Financial Services. “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.”