MUSCAT, NOV 4
Fintech is emerging as a pillar of inclusion, fostered in significant part by the Financial Services Authority (FSA) in collaboration with the Central Bank of Oman, the Ministry of Finance and Oman Investment Authority.
Abdullah bin Salim al Salmi, Executive President of the FSA, highlighted the rapid growth of this technology-driven segment, citing crowdfunding platforms as an example. These platforms have financed over RO 14.9 million since 2022, recording 81% growth between Q2-2024 and Q2-2025, clear evidence that fast-moving digital channels can complement banks and meet SME funding needs “within minutes”, he said in an exclusive interview.
A joint national sandbox with the Central Bank of Oman, a fintech desk at Invest Oman and temporary licences under Royal Decree 20/2024 aim to test models safely while safeguarding the public interest. Proportionate regulation and openness to international players will widen access and position Oman regionally in digital finance, Al Salmi said.
At the same time, SME channels are broadening beyond banks, according to the official. To this end, the Authority is backing sukuk wadi‘ah — investment certificates structured on the concept of wadi‘ah — meaning safe custody or deposit. It has also created the Alternative Investment Market (AIM), a lighter-touch listing segment that gives high-growth SMEs exposure to disclosure and market discipline, with the goal of graduating to the main market in MSX. Cross-border MoUs also facilitate mutual funds and, in some cases, ETFs, giving foreign investors indirect access to Omani opportunities, he said.
Insurance is pivoting beyond motor, with health now the largest line and growing at ~30% annually. Regulators are embedding risk-based supervision, building actuarial capacity and sharpening focus on climate and catastrophe risk across conventional and takaful offerings, while encouraging development in life and professional indemnity.
On the transition pathway, the Sultanate of Oman will fully enforce IFRS Sustainability Standards (S1/S2) by 2029 and is finalising a private-sector Sustainable Finance Taxonomy aligned with the Ministry of Finance and benchmarked to EU/ASEAN/GCC regimes, anchoring green and sustainability-linked instruments and guarding against greenwashing. The objective is to make sustainable finance the default while building capacity across the market and within the FSA for Oman Vision 2040 and net-zero 2050, Al Salmi added.
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