Bank of Valletta has entered into a multi-year strategic collaboration with Oracle Financial Services aimed at modernising its core technology and accelerating its shift towards an AI-first operating model.

The collaboration, formalised through a non-binding Memorandum of Understanding, focuses on cloud-native infrastructure, AI-driven capabilities and regulatory compliance built directly into systems and processes. The agreement was signed by BOV CEO Kenneth Farrugia and Sovan Shatpathy, Senior Vice President for Product Management and Development at Oracle Financial Services.

BOV said the transformation will be guided by four pillars: Governance and engagement, compliance and risk management, innovation and skills development, and performance excellence. These are intended to ensure oversight, regulatory alignment and internal capability-building throughout the process.

By mid-2026, the bank plans to deploy Oracle AI Agents across retail and corporate banking, payments and insurance. These tools are expected to support functions such as loan origination, credit decision-making and customer engagement, with the aim of improving efficiency and service delivery.

Speaking at the signing, Mr Farrugia said the bank’s focus was on balancing technological change with operational reliability, while Shatpathy noted that Oracle’s role is to embed AI and cloud technologies without weakening governance or regulatory controls.

The signing was also attended by Bjorn Ekstedt, BOV’s Chief Information Officer, and Gerrard Mahony, Sales Director at Oracle Financial Services.

Oracle Financial Services is a specialised division of Oracle Corporation, the global technology group co-founded by billionaire entrepreneur Larry Ellison. Mr Ellison, who currently serves as Oracle’s Executive Chairman and Chief Technology Officer, is one of the world’s most influential technology figures and has made substantial investments in artificial intelligence and cloud infrastructure in recent years.

He was also a key financial backer in the recent takeover of Paramount, has reportedly expressed interest in acquiring Netflix, and is known to maintain close political and business ties with US President Donald Trump.