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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Bank Muscat signs agreement with Lulu Hypermarket for advanced corporate online banking solution

New ‘multi company’ relationship setup benefits large corporate groups with subsidiaries in managing transactions between the company accounts of the group

MUSCAT: In line with its commitment to enhancing business connectivity and digitalisation for its corporate partners, Bank Muscat, the leading financial services provider in the Sultanate of Oman, has signed an agreement with Lulu Muscat Hypermarket LLC to provide its state-of-the-art Corporate Online Banking solution. Lulu Group International, a multinational conglomerate is one of the largest retail chains in Asia, operating a chain of hypermarkets and shopping malls. Bank Muscat continues to leverage its technology expertise to provide Lulu Muscat Hypermarket with instant and seamless digital solutions which are customised to their requirements, thus boosting their digital experience.


The agreement was signed by Wafa Ibrahim al Ajmi, Assistant General Manager – Transaction and Government Banking, Bank Muscat and Shabeer K A, Regional Director, Oman, Lulu Muscat Hypermarket LLC. Bank Muscat Corporate Online Banking’s enhanced ‘multi company’ relationship feature provides Lulu Muscat Hypermarket with the benefit of accessing the comprehensive banking relationship of its group companies with Bank Muscat through the credentials of a single user. This solution thus provides Lulu Muscat Hypermarket with complete control and access to the accounts of its group companies. The ‘multi company’ relationship setup in Corporate Online Banking benefits all large corporate groups with subsidiaries in managing transactions between the company accounts of the group.


Speaking on the occasion, Wafa Ibrahim al Ajmi, Assistant General Manager, Bank Muscat said: “We are delighted to onboard Lulu Muscat Hypermarket on to our advanced Corporate Online Banking. Our Corporate Online Banking with its ‘multi company’ relationship setup feature will benefit Lulu Muscat Hypermarket with complete visibility and control over transactions between group accounts accompanied with ease of operation. Bank Muscat believes in leveraging the latest technology to bring in new and improved digital banking solutions to its customers. In an increasingly competitive and dynamic environment with rapid digital transformation impacting each industry, corporates look towards a banking partner that can offer solutions which keep pace with the dynamic markets and are accessible globally.”


Shabeer K A, Regional Director, Oman, Lulu Muscat Hypermarket LLC, said, “We are proud to partner with Bank Muscat to use the bank’s dynamic digital payment solution. The Corporate Online Banking solution seamlessly caters to all our payment requirements in a smooth and frictionless manner, and it helps to greatly improve our operational efficiencies. This is a testament of our constant efforts to incorporate digital transformation in our group to make our business operations further efficient.”


Bank Muscat had announced earlier this year, the launch of its ‘Integrated Transaction Banking Platform’, as part of the bank’s digital transformation plan, which offers a wide range of online capabilities including payments, consolidated dashboard of bank accounts across all banks, Direct Debit solution, Virtual Accounts and Liquidity solutions. The new digital platform comes from the bank’s belief in the importance of achieving the highest level of services provided to its customers in a manner that meets their needs and keeps pace with market changes, while providing the highest level of security. The bank’s online Corporate Banking platform and the B2B Connect solution also facilitate salary payments for employees through a secure payment channel under the Wages Protection System (WPS) as mandated by the Central Bank of Oman and the Ministry of Manpower.


As the trusted banking partner in Oman, Bank Muscat is committed to supporting Corporates to make a mark in digitalisation to create a successful business environment. Bank Muscat provides a complete range of products, services and technology-driven digital offerings catering to Government entities, Corporates and SMEs in the area of Payments, account services, Collections and Receivables, Liquidity solutions, Point of Sales (PoS) terminals and Payment Gateway.


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