Ahmed Abbas Mohammad's only regret about migrating his peer-to-peer lending platform's data is that he didn't do it sooner.
Mohammad is CEO of Mawlny, a Saudi Arabia-based financial technology fintech that links borrowers and lenders in a compliant manner. "We provide borrowers with a low-profit rate and assist them in building up a good credit history," the CEO explains. "We also allow lenders to invest their excess liquidity within the platform to receive high Islamic short-term returns."
"As a fintech startup, we are looking for reliable infrastructure and a powerful and secure database," Mohammad says. Oracle's new cloud region in Jeddah spurred him to look at Oracle for Startups and Oracle Cloud Infrastructure.
The fintech wanted support for setting up the cloud infrastructure as they migrated. "Oracle gave us experts we trust," he said, citing a smooth and easy migration. "The startup program and the support team are great."
Oracle’s cloud native technology can be developed once and then run anywhere, which means startups are not stifled by vendor lock-in. To move Mawlny onto Oracle Cloud, the technical team dedicated to startups took a snapshot of the fintech's other service providers' servers and then created architecture from the image.
"We mapped each service that Mawlny was using with Oracle Cloud services," says Vikas Raina, who headed the Oracle effort. From there, his team created secure tunnels to migrate data to Oracle Cloud. The team completed the migration in less than two weeks.
After the move, Mawlny adapted quickly. The console's design mirrors what other cloud providers offer, flattening the learning curve. "It was easy to navigate, and everything set up brilliantly. We know we can get help from Oracle, and that's really helpful," Mohammad says.
Mawlny wanted OCI because of the database automation component and its reliable network infrastructure, but Mohammad had concerns. "We were a little concerned about was how much it would cost us to set up the network infrastructure, security, and load balance and to maintain it for the first year and second year," he says. But, as a member of Oracle for Startups, Mawlny received free credits and a 70% discount for two years.
Mawlny isn't the only Middle Eastern startup to test out Oracle Cloud – currently, there are 44 in the program. They are in good company, Oracle is the cloud vendor of choice for 54% of companies in the region. Plus, with 87% of the top companies by revenue using Oracle products, opportunities for expansion, integration, and enterprise scale are growing in the Gulf.
Oracle's commitment to Saudi Arabia was an important consideration for Mohammad and Mawlny. Oracle recently became the first public cloud provider with a cloud region operational and three more planned in the region, so customers can continue to meet business continuity needs and regional compliance requirements.
Offering startups cloud at a 70% discount and a local team to support their scale meant Mawlny could meet Saudi compliance standard without slowing down innovation.