MUSCAT: The Sultanate of Oman has launched a national fintech strategy and a centralised digital portal as it seeks to attract investment, support entrepreneurs and accelerate innovation across its financial sector.
The National Fintech Strategy sets out a unified roadmap for developing Oman’s financial technology ecosystem, expanding access to financial services and strengthening the country’s position as a competitive and trusted fintech hub.
The initiative is being led by the Central Bank of Oman (CBO) in partnership with the Financial Services Authority (FSA) and the Ministry of Finance’s National Programme for Financial Sustainability and Financial Sector Development, known as Istidama.
Other partners include the Ministry of Commerce, Industry and Investment Promotion, the Ministry of Transport, Communications and Information Technology, the Telecommunications Regulatory Authority, the Authority for Small and Medium Enterprises Development and Invest in Oman.
The strategy aims to coordinate national fintech initiatives, improve digital infrastructure, build specialised skills and support cooperation between the public and private sectors.
It will also seek to improve interoperability within the financial system while maintaining standards for financial stability, market integrity, cybersecurity and consumer protection.
The CBO will oversee implementation and coordinate the work of participating institutions. Each regulator and government body will retain its existing statutory responsibilities for policy and regulation.
A governance framework will be established to monitor progress, strengthen accountability and ensure that the strategy’s priorities generate measurable economic and social benefits.
Ahmed bin Jaffer al Musalmi, Governor of the CBO, said the strategy represented a major step in Oman’s financial transformation and would help build a more innovative, inclusive and competitive financial system.
“The ambition goes beyond the Sultanate of Oman’s role in responding to shifts in the future of the financial sector; it aims to actively shape that future,” he said.
Al Musalmi said integrating regulation, technology, investment and entrepreneurship within a single national framework would help move responsible innovation from concept to market.
The strategy would create an environment in which promising ideas could be developed into scalable products delivering value to individuals, businesses and the wider economy, he added.
Al Musalmi said innovation and financial stability were complementary when supported by sound governance, proportionate regulation and effective institutional coordination.
The CBO would seek to give innovators greater clarity and confidence to develop, test and expand their products while protecting financial stability, market integrity and public trust, he said.
The strategy is also intended to attract international investment and expertise, develop Omani capabilities and help domestic entrepreneurs create accessible financial products capable of competing in overseas markets.
Abdullah bin Salim al Salmi, Chief Executive Officer of the FSA, said the framework would unify existing initiatives across different segments of the financial services industry.
It would support innovative business models and products that respond to changing customer requirements while improving the efficiency and quality of financial services, he said.
Al Salmi said a supportive regulatory and legislative environment would make Oman more attractive to local and international fintech investors, while facilitating the transfer of expertise and advanced technology into the domestic market.
The FSA will continue working with other stakeholders to support innovation in non-banking financial services, including capital markets, insurance, accounting and auditing.
The authority will also seek to accelerate the use of advanced technologies and enhance the contribution of these sectors to the national economy, he added.
Alongside the strategy, the CBO launched the Oman Fintech Portal, a centralised platform intended to provide fintech companies and entrepreneurs with a clearer route into the Omani market.
The portal will offer market information, readiness assessments and guidance on regulatory requirements. It will also streamline preliminary application procedures and connect companies with regulators and other participants in the fintech ecosystem.
Promising businesses will be supported as they move towards formal regulatory engagement and assess market-entry opportunities.
The platform is expected to reduce fragmented procedures and provide greater transparency, predictability and efficiency for local and international companies.
It will also help authorities identify high-potential technologies and support their development within a regulated environment.
Mahmoud bin Abdullah al Awaini, Secretary-General of the Ministry of Finance and General Supervisor of Istidama, said the strategy formed part of wider efforts to develop Oman’s financial sector and increase its contribution to growth and economic diversification.
He said it would accelerate the sector’s transformation and improve its efficiency, competitiveness and capacity for innovation, in line with the objectives of Istidama and Oman Vision 2040.
Ibtisam bint Ahmed al Farooji, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion, said integrating the Oman Fintech Portal with the Invest in Oman platform would create a more coordinated experience for potential investors.
The integration would provide information on opportunities, facilitate access to relevant stakeholders and clarify the investment process for fintech companies seeking to enter Oman, she said.
Al Farooji said the initiative would support efforts to attract high-quality investment, technology, expertise and innovative business models in future-oriented industries.
It would also contribute to developing a more diversified and competitive digital economy and strengthen Oman’s position as a destination for investment and innovation, she added. — ONA
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