Mashreq Awards Oracle Global Banking Licence to Power International Expansion

Mashreq Bank has awarded Oracle Financial Services a worldwide licence to modernise its core banking infrastructure across all international markets, in one of the largest core banking technology investments by a UAE bank in 2024.

The expanded partnership builds on Mashreq's earlier decision to roll out Oracle Flexcube in its international operations. The global licence gives the bank the flexibility to deploy Oracle's core banking platform in any market it enters, supporting its ambition to grow its presence in Egypt, Pakistan, India, the United Kingdom, and other international markets.

The deal covers Oracle's full financial services technology stack, including core banking, digital channels, and analytics capabilities. By securing a global licence rather than market-by-market agreements, Mashreq gains cost predictability and the ability to scale its technology footprint in line with its business expansion plans.

Mashreq has been one of the most active UAE banks in pursuing international growth, building operations across Asia, Africa, and Europe. A unified technology platform is essential for managing operations across multiple regulatory environments while maintaining consistent service standards and risk management practices.

Oracle Financial Services has established itself as a dominant technology partner for banks in the Gulf, with its Flexcube platform running at a significant number of financial institutions across the region. The Mashreq deal reinforces Oracle's position and represents a long-term commitment that ties the bank's technology strategy to Oracle's product roadmap.

The investment signals Mashreq's confidence in continued international expansion despite the complex operating environment for banks growing across multiple jurisdictions.