Mashreq to roll out Flexcube core banking system across global operations
UAE-based Mashreq, one of the oldest banks in the Middle East, is rolling out a suite of Oracle FS solutions across its international operations. The vendor says the new software will “modernise, streamline, and enhance its operations in key international hubs”. These include Hong Kong, the US and the UK.
Mashreq to roll out Flexcube core in Hong Kong, the US and the UK
The bank will replace its legacy core systems with Oracle’s flagship core banking offering, Flexcube. It is understood that on the way out is Temenos’ software.
Mashreq is also in the process of establishing digital banks in Pakistan and Oman, which will also be underpinned by Flexcube.
Although Mashreq already has a long-standing relationship with Oracle FS, the banking tech vendor says the global licence expansion deal was awarded to it “after a thorough competitive review”.
The bank started working with Oracle FS in 2010, when the vendor was selected to implement Flexcube across Mashreq’s MENA locations, including the UAE, Qatar, Kuwait, Bahrain, and Egypt. Oracle FS was evaluated alongside Temenos, Infosys Finacle, and Intellect Design Arena (known as Polaris at the time). The project standardised Mashreq’s regional operations on Flexcube, replacing 40 legacy solutions.
The latest deal will see the implementation of “the latest version of the single-core banking platform for Mashreq’s retail and corporate businesses” globally.
This includes the transaction banking platform, covering digital transaction banking, payments, trade finance, liquidity management and virtual account management.
The bank already uses Oracle’s credit management solutions for its global corporate banking business, including credit onboarding, credit limits and collateral management capabilities, as well as Oracle Exadata Cloud at Customer (ExaCC) for database workloads.
“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,” comments Mohamed Abdel Razek, group head of technology, transformation and information at Mashreq.
