Al Dar For Exchange Works, a leading remittance and money exchange company in Qatar, has announced that it has migrated its core business processes and existing business applications including finance and human resources to Oracle Cloud Infrastructure (OCI). With the migration, Al Dar For Exchange Works, has eliminated hardware procurement and maintenance expenses and achieved cost savings of more than 30 percent. The company has also significantly increased the scalability of its infrastructure, with the ability to provision and decommission resources in minutes resulting in a 40 percent reduction in infrastructure provisioning time.

Al Dar For Exchange Works serves its customers via 34 branches in Qatar and 85 correspondent banks and agents worldwide. The company also provides online transfers through its mobile application and website, and has a direct arrangement with Ooredoo Money.

The remittance major was looking to rapidly scale operations, offer new services to create a competitive edge, save costs, and further strengthen its cyber security framework. After careful consideration, Al Dar for Exchange Works chose OCI to leverage its secure, reliable, and highly scalable multicloud platform, that offers an accelerated Artificial Intelligence (AI) powered infrastructure with the broadest set of deployment options.

“With OCI, we embark on a new era of technological excellence, enabling us to raise the bar even higher in the financial services landscape,” said Jumah Mubarak Al-Maadhadi, CEO, Al Dar For Exchange Works. “Al Dar for Exchange remains dedicated to forging ahead, setting new standards, and revolutionizing the way our clients experience financial transactions. As we embrace OCI, we reinforce our position as an industry leader committed to staying at the forefront of technology. This strategic collaboration enables us to enhance our operational agility, adapt to changing market dynamics, and exceed the evolving expectations of our clients.”

With this implementation, Al Dar for Exchange Works will accelerate innovation across product development, new services, and application development. The organization will also be able to easily migrate existing on premises applications and workloads to the cloud and achieve better reliability and performance.

“At Al Dar for Exchange Works, we have always strived to set new benchmarks in customer satisfaction and operational efficiency,” said Mohammed Amgad, Deputy CEO, Al Dar For Exchange Works. “With the introduction of Oracle Cloud Infrastructure, we take yet another giant leap toward enhancing our brand's reputation as a trailblazer in the industry. The integration of Oracle Cloud Infrastructure further solidifies our commitment to delivering exceptional services, fostering long-lasting relationships, and serving as a trusted partner in our clients’ financial journeys.”

“Driven by new competition, changing business models, mounting regulation, and compliance pressures, as well as disruptive technologies, financial services leaders are using the cloud to increase profitability and improve customer experience,” said Hanane El Mir, senior director, SMB, Middle East, Turkey, and Africa, Oracle Cloud Infrastructure. “With its OCI implementation, Al Dar For Exchange Works has created a scalable technology platform that will help the business achieve major efficiencies, launch new services quickly, expand rapidly, and drive sustained innovation.”