Industry SectorsFinancial ServicesFinastra wins upgrade order from Oman Arab Bank

Finastra wins upgrade order from Oman Arab Bank

The recently-formed fintech giant said OAB’s 65 branches will transition to its FusionBanking Essence platform.

Finastra, the fintech formed earlier this year through the merger of Canada’s D+H with Misys, said that Oman Arab Bank (OAB) has committed to deploy the group’s FusionBanking Essence platform its 65 branches and representative offices across the Sultanate. The bank, the third largest in Oman, will transition from its current FusionBanking Equation platform as it diversifies its business to accelerate growth and renews its focus on customer-centricity.

Finastra added that OAB – a Misys (now Finastra) customer for over 30 years – had reassessed its business model in response to changing market dynamics and fluctuating oil prices in the country. OAB already has a strong corporate offering and is now expanding its retail services.

“We are operating in a highly competitive market and as we look to grow our retail offering, we’re committed to providing a high quality and personalised service for our customers in line with Central Bank recommendations,” said Mustafa Srour, OAB’s chief technology officer (CTO).

“FusionBanking Equation has been a reliable core banking solution but we’ve had it in place for a good while so it makes sense to transition to FusionBanking Essence to future-proof our technology investment and support the evolution of our bank.”

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