Dubai – Mubasher: Mashreq Bank has extended its partnership with Oracle Financial Services to back its growth plans worldwide, according to a press release.

The lender will replace its core systems with Oracle solutions to streamline and enhance its operations in key international hubs, including Hong Kong, the US, and the UK.

Additionally, Mashreq plans to establish digital banks in Pakistan and Oman to deliver advanced financial services.

Meanwhile, Oracle will provide the foundation needed for Mashreq to integrate new entities and services and comply with the latest industry standards as it expands across diverse geographies.

Oracle Financial Services’ modern integration platform and APIs will enable Mashreq to expand, develop, and add new services to meet increasing market demands.

Mohamed Abdel Razek, Group Head of Technology, Transformation & Information at Mashreq, said: “Our collaboration with Oracle aligns seamlessly with our vision of enabling innovative possibilities for our clients, colleagues and communities across our global footprint.”

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

In the first quarter (Q1) of 2024, the DFM-listed bank posted 25% higher net profits at AED 2 billion, compared to AED 1.61 billion in Q1-23.