UAE Central Bank Chooses Oracle FLEXCUBE to Improve Banking Efficiency and Insight

The UAE Central Bank will implement Oracle® FLEXCUBE (www.oracle.com/industries/financial_services/oracle-flexcube.htmll) in place of its existing systems to keep pace with its rapidly changing operational priorities, to improve banking efficiency in the Emirates and provide greater insight into the constantly changing complexion of assets and liabilities of banks in the country.

Choosing Oracle FLEXCUBE is also a first crucial step toward providing improved and enhanced services to commercial banks and other financial institutions in the UAE.

As a Regulator, UAE Central Bank’s vision is to expand the adoption of effective electronic payment systems.

As a leading provider of banking applications to global financial institutions, Oracle will enable Central Bank of UAE to take advantage of Oracle FLEXCUBE’s proven transaction-processing capabilities and process framework to help standardize operations and leverage industry best practices.

“By implementing Oracle FLEXCUBE, we hope to enable technology-driven transformation at our bank as a first step to strengthening the banking system in the country. After our due diligence, we came to the conclusion that Oracle FLEXCUBE can help us create the necessary transformation in a quick and efficient manner and prepare us for the opportunities and challenges of the future. The solution will also help us in several key areas such as payments, currency management and cost effective operations.” Mr. Rashid Al Fandi, Executive Director, Banking Operations, Central Bank of UAE.

“We are proud to add Central Bank of UAE as an Oracle FLEXCUBE customer. This deployment will provide Central Bank of UAE with a cost effective and flexible platform for its operations and enhanced oversight.” Mr. Mustafa Moonim, Vice President, Eastern Europe and Middle East, Oracle Financial Services Software.