INDIA, July 22, 2024 – Mashreq, a leading financial institution in the MENA region, has onboarded Profinch as a strategic technology partner for its global expansion, with Profinch anchoring key technology transformations.
The signing-in ceremony between Mashreq and Profinch held in Dubai, at Mashreq’s global headquarters, saw participation from Mohamed Abdel Razek, Group Head of Technology, Transformation, and Information at Mashreq, and Kiran Kumar, Executive Director of Profinch.
The partnership will entail Mashreq and Profinch collaborating on technology transformation programs to establish Mashreq as a leader in the markets in which it operates and aid global expansion. As part of the strategic alliance, Profinch will implement Oracle’s corporate and digital banking products in the Payments, Trade, and Digital Experience domains across Oman, Pakistan, the US, UK, and Hong Kong.
“Our partnership with Profinch aligns seamlessly with our vision of enabling innovative possibilities for our stakeholders across our global footprint” — Mohamed Abdel Hamid Abdel-Razek (CIO, Mashreq)
Mashreq has been partnering with Profinch for the last few years, with Profinch driving successful project go-lives of Oracle’s corporate and digital banking products in the UAE, Bahrain, Qatar, Kuwait, and Egypt. Additionally, Profinch’s Host2Host application, which supports 150 ERPs and developed using Profinch’s Atumverse framework, is live across all five countries.
Mohamed Abdel Hamid Abdel-Razek, Group Head of Technology, Transformation, and Information at Mashreq, said, “Our partnership with Profinch aligns seamlessly with our vision of enabling innovative possibilities for our stakeholders across our global footprint. Our continuous quest to provide superior customer experience is our driving force to seek innovative partners who are key stakeholders in driving value to our customers. Profinch’s deep domain expertise and implementation prowess will be critical in transforming Mashreq’s corporate and digital banking landscape, and we look up to Profinch as our trusted advisors.”
Mr. Kiran Kumar, Executive Director of Profinch, added, “We are delighted to be Mashreq’s strategic partner and value the trust they continue to invest in our work. Profinch has been at the forefront of transforming technology in financial services and the insurance space, and this collaboration testifies to our deep expertise and knowledge. With over 100 Profinch’s SMEs and technologists engaged in the Mashreq project, we have one of the largest specialized transaction banking and digital banking teams dedicated to this strategic project. We are looking forward to strengthening this partnership and assisting Mashreq in achieving their technology, business, and operations objectives.”
This strategic partnership between Mashreq and Profinch is the start of an exciting journey to drive banking innovation and growth. The partnership will see the confluence of Mashreq’s unhindered commitment to its customers and Profinch’s relentless drive to excellence, all with the single goal of driving end customer value and delight.
About Mashreq
Mashreq is almost a half-century old, yet proudly thinks like a challenger, startup, and innovator. Mashreq pioneered key innovations and developments in banking, starting with entry-level digital-first customers all the way to powering some of the region’s most prominent corporations and wealth accounts. The bank’s mandate is to help customers find their way to Rise Every Day, partnering through the highs and lows to help them achieve their goals and unlock their vision of success.
Reassuringly present in major financial centres of the world, Mashreq’s home and global HQ remains in the Middle East, offering services whenever and wherever opportunity takes its customers. Mashreq has been recognized as the fastest-growing Middle East brand, by Banking 500 rankings for 2024 by Brand Finance.
Find your way to Rise Every Day at: https://www.mashreq.com/en/uae/corporate/rise-everyday/
For media inquiries, please write to: media@mashreq.com
About Profinch
Profinch is a financial technology company offering solutions that enable BFSI companies to transform how they work and be future-ready. Profinch has 170+ clients in over 60 countries, offering comprehensive services tailored to the evolving needs of the sector. Profinch empowers BFSI companies to achieve their strategic objectives and drive sustainable growth.
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