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UAE’s Mashreq to use Oracle’s Transaction Banking platform

The platform is expected to help Mashreq respond more efficiently to the funding needs of local businesses and address capital diversification too

by Iman Hussain

May 6, 2021

UAE bank Mashreq bank and Oracle financial services are collaborating to modernise the financial institution’s transaction banking capabilities.

Mashreq will implement Oracle’s Transaction Banking platform to provide solutions for digital banking, payments, trade finance, liquidity management and virtual accounts.

Oracle says that the platform will allow Mashreq to respond more efficiently to the region’s need for funding for local businesses and capital diversification.

Mashreq can efficiently address customer interactions on a common platform to provide consistent and improved customer experiences. “Transaction banking is undergoing a period of profound change, meeting the evolving requirements of our clients is of the utmost importance to us,” says Joel Van Dusen, group head of corporate and investment banking at Mashreq.

Recently, Oracle and Saudi Arabia’s Agricultural Development Fund (ADF) also partnered to automate the ADF’s core finance, procurement, and HR functions with Oracle Fusion Cloud Applications Suite. This aims to improve ADF’s data integration across the organisation, reduce operational costs, and develop a secure IT infrastructure to expand and innovate services.

ADF specialises in financing agricultural activities in Saudi Arabia. The fund also works to develop the country’s agricultural sector with an emphasis on scientific and technological initiatives. “ADF’s operations are expanding, and we need to respond quickly to the requirements of our farmers,” said Mr Munir Al-Sahli, general manager of ADF.

The expected results of this implementation are mobile access to real-time field operation data available to ADF’s leadership which will be imperative to enhancing decision making and efficiency.

“The ADF is on a unique mission that is vital for sustainable agricultural development in Saudi Arabia. With its pervasive Artificial Intelligence capabilities, a modern user experience and continuous innovation, Oracle Fusion Cloud Applications are best suited to help ADF achieve its strategic objectives,” said Marwan Alzughaibi, Country Leader, Business Applications.