Mashreq to Roll Out Oracle Flexcube Core Banking System Across Global Operations
Mashreq has extended its relationship with Oracle Financial Services to roll out the Oracle Flexcube core banking system across its global operations,...
Mashreq has extended its relationship with Oracle Financial Services to roll out the Oracle Flexcube core banking system across its global operations, modernising the bank's technology infrastructure in international hubs including Hong Kong, the United States, and the United Kingdom.
The implementation will replace legacy systems in Mashreq's international offices with a unified core banking platform, giving the bank a consistent technology foundation across all markets. Oracle Flexcube provides the transaction processing, account management, and regulatory reporting capabilities that underpin day-to-day banking operations.
For Mashreq, the global rollout addresses the operational complexity of running different core systems in different markets. A unified platform simplifies product development, reduces maintenance costs, and enables the bank to deploy new services across its international network more quickly than would be possible with disparate systems.
The decision to standardise on Oracle Flexcube reflects Mashreq's commitment to its international expansion strategy. The bank has been growing its presence in key financial centres and emerging markets, and a modern, scalable core banking system is a prerequisite for supporting that growth without proportional increases in technology headcount and infrastructure costs.
Oracle Financial Services has a strong presence in the Gulf banking market, with several major regional banks running its core banking and financial services platforms. The Mashreq deal represents one of the larger Flexcube deployments in the region in 2024.
The rollout is expected to proceed in phases across Mashreq's international operations over the coming months.
