OAB launches first innovation lab

Oman Arab Bank (OAB), in a bid to accelerate its innovation journey and drive innovative thinking within the community, has announced the launch of the first ‘Innovation Lab’ in the Sultanate’s financial services industry. The Lab, which will occupy one floor at the OAB headquarters, will drive the development and implementation of innovative solutions that would shape the financial services industry. The ideas will be short-listed at ‘The Innovation Hub’ event, a 24-hour innovation platform that will enable participants to develop proof of concepts and act as an accelerator of winning innovations into the lab.

The OAB Innovation Lab, together with The Innovation Hub, was launched at a press conference held at the bank’s headquarters in Al Ghubrah yesterday, in the presence of the Bank’s CEO, Rashad al Musafir, together with other members of the banks’ executive management and staff. Aimed at students, professionals and employees, this initiative has been developed to empower local talent and entrepreneurs to become viable contributors to the evolution of our economy through the power of innovation and the spirit of competition.

Rashad al Musafir said, “We created this platform to support the development of a knowledge-based economy, by empowering professionals, students, and our employees, to become viable contributors in its evolution. At OAB, we recognise the important role that innovation plays in enriching human experiences, and we have set a strong internal and external innovation agenda to deliver value across our customers’ ecosystems.”