Mashreq Global Services (MGS), a wholly owned subsidiary of Mashreq Bank, is expanding its presence in India, by setting up its second innovation centre in Bangalore, and is looking at increasing its headcount to 1000 employees by the end of this calendar year.
As part of their growth trajectory, the company is taking the digital route to conceive digital solutions in the banking space, by partnering with finance technology companies. Additionally, MGS is also incubating seven start-ups and leading tech firms in India, to adopt various technologies such as AI, Robotics, Machine Learning, Big data analytics, Cloud, Mobility etc., to support their global operations.
The global banking industry is going through a period of rapid transformation, heralded by disruption and driven by emerging digital technologies. The unbelievable pace of change in technological advancements is making possible what was not feasible earlier.
India has been very active in creating a healthy start up ecosystem, and the growth in the number of start-ups is increasing year-on-year. Over the last one year, MGS has engaged with different starts-ups namely: Fragma Data systems, Fil-Fal technologies, Virtusa and Patterns to build their capabilities on different aspects to provide better solutions to Mashreq Bank. With the launch of its second 600-seater facility in Bangalore, the company is looking at hiring 400 more by the end of this year, a company release said here today.
Sharing his thoughts, Mr. Sandeep Chouhan, EVP – Group Head Operations & Technology, Mashreq Bank said, “As demand continues to rise for more digital solutions in the banking sector, a greater number of banks are looking to invest in financial technology (Fintech) solutions in the coming years. At Mashreq, we started embracing this latest wave of digital transformation about two years ago and as a result, we have put in place fairly robust infrastructure on robotics and artificial intelligence.
In India, We are working with our partners on different innovative technology to support our global operations such as trade operations of the bank, provide Data Analytics, Manage Data Lake using big data Cluster, Advanced analytics, automation of cheque clearing and payment systems and to build a digital Business Process Management (BPM) automation platform to orchestrate human-to-human, human-to-system, and inter-system interactions. We have added two more start-ups in the last six months in advanced analytics, fraud management, cyber security, conversational AI’’, he said.