Oracle gains new Flexcube deals in Middle East and Africa
Oracle Financial Services has landed a trio of new deals for its core and digital banking systems in Oman, Kuwait, and Tanzania.
The vendor’s win in Oman stems from the merger between Oman Arab Bank (OAB) and Alizz Islamic Bank.
OAB uses Path Solutions’ iMAL for its Islamic operations, while Alizz runs Flexcube. FinTech Futures understands that OAB decided to unite its Shariah operations under Oracle’s system.
The Kuwaiti and Tanzanian deals were announced in Oracle’s Q2 2021 reports.
Gulf Bank of Kuwait is migrating its digital banking to Oracle.
The bank is one of the largest banks in its home country and holds assets of around $19.7 billion.
It will use the Oracle Banking Digital Experience and Oracle Banking APIs.
International Commercial Bank in Tanzania has signed up for a group of Oracle systems. These include modules for trade finance, digital banking, payments, and treasury. The move is part of a planned expansion.
The Tanzanian subsidiary of Swiss ICB Financial Group operates six branches in Dar Es Salaam, and has assets of around $9 million.
Oracle claims to have signed licence deals of $13.4 million during Q2 2021 with customers in 26 countries.
It adds that 18 of its clients went live on its system and products in the same time period.