MGS is incubating tech firms to adopt various technologies such as AI, Robotics, ML, Big data analytics.
Mashreq Global Services (MGS), a wholly owned subsidiary of Mashreq Bank, is taking the digital route for growth to conceive digital solutions, by partnering with finance technology companies. Currently, MGS is 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. Expanding their presence in India, MGS has also setup its innovation centre in Bangalore, and are looking at increasing the headcount to 1000 employees by the end of this calendar year.
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. MGS is also working on cloud/digital enablement.Sharing his thoughts, 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.”