MUSCAT: The Central Bank of Oman (CBO) hosted its annual banking meeting yesterday at the Royal Academy of Management in Muscat under the theme "Digitising Tomorrow." The event highlighted new regulatory and supervisory initiatives while examining the future of banking services in the Sultanate of Oman.
Tahir bin Salim al Amri, Executive President of the CBO, emphasised the bank’s proactive steps to enhance financial services and support government-led economic development programmes. He urged banks to align their strategies with emerging opportunities and national economic initiatives.
Al Amri also recognised key government programs promoting financial sustainability, economic diversification, and private-sector growth. He praised the banking sector and Oman Banks Association for their role in advancing Oman’s anti-money laundering and counter-terrorism financing measures, contributing to a positive evaluation by the Financial Action Task Force.
The meeting highlighted Oman’s improving economic outlook, marked by the licensing of four new banks and several payment service providers. These developments, coupled with enhanced regulatory frameworks, have bolstered the country's sovereign credit rating.
Key initiatives discussed included the introduction of digital onboarding through a customer identity verification platform, the “Know Your Customer” system, a phased approach to green financing, and upgrades to payment systems such as the gross settlement system and international bank account numbering.
The event also featured a panel discussion with bank CEOs and payment service providers, focusing on digital transformation and strategies for adapting to rapid technological changes in the financial sector.
Attendees included senior banking executives, officials from licensed financial institutions, and representatives from the Oman Banks Association. — ONA
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