UAE-based Mashreq, one of the Middle East’s oldest banks, has initiated a significant overhaul of its international operations through a strategic deployment of Oracle Financial Services (FS) solutions. The move aims to modernize and streamline operations across key hubs such as Hong Kong, the US, and the UK.
Central to this transformation is the adoption of Oracle’s flagship core banking solution, Flexcube, which replaces Mashreq’s existing legacy systems, including those from Temenos. This decision underscores Mashreq’s commitment to enhancing operational efficiency and customer service on a global scale.
In addition to its core banking upgrade, Mashreq is expanding its digital banking footprint by introducing new digital banks in Pakistan and Oman, both of which will also leverage Flexcube technology.
While Mashreq has maintained a longstanding partnership with Oracle FS since 2010, the recent global licensing expansion follows a rigorous competitive evaluation process. Initially, Oracle FS was selected to implement Flexcube across Mashreq’s MENA locations, including the UAE, Qatar, Kuwait, Bahrain, and Egypt. This initiative successfully consolidated operations across these regions, replacing 40 legacy solutions with a standardized platform.
The latest phase of collaboration will implement the latest version of Flexcube globally, enhancing capabilities across retail and corporate banking. This includes comprehensive transaction banking functionalities encompassing digital transactions, payments, trade finance, liquidity management, and virtual account management.
Moreover, Mashreq already utilizes Oracle’s credit management solutions for its global corporate banking operations, encompassing credit onboarding, limits management, collateral management, and Oracle Exadata Cloud at Customer (ExaCC) for database workloads.
Commenting on these developments, Mohamed Abdel Razek, Group Head of Technology, Transformation, and Information at Mashreq, emphasized their commitment to advancing operational efficiency and delivering superior customer experiences through modernized operations and expanded digital services.
In conclusion, Mashreq’s strategic adoption of Oracle FS solutions represents a pivotal step towards reinforcing its market position and operational capabilities across international markets, underlining its ongoing commitment to innovation and customer-centricity.