MUSCAT, NOV 4
Omani financial technology company mamun has facilitated just under $20 million in trade finance since late 2023, providing more than 175 financing facilities to 84 businesses, including 78 Omani companies, according to figures supplied to the Observer.
The figures offer a measure of the company’s activity as it announces a $3 million funding round to expand operations between the Gulf and Asia. The investment was led by Phaze Ventures through its Oman Fund, which is anchored by Future Fund Oman, an investment vehicle of the Oman Investment Authority. Abu Dhabi-based Jasoor Ventures also participated.
In written responses to the Observer, mamun co-founder and chief executive Saleh Al Tamami said around 40 per cent of the platform’s financing by value was linked to Hong Kong, China’s Greater Bay Area and mainland China. Most of these transactions involve Omani companies purchasing manufacturing inputs and finished goods from Chinese suppliers for domestic distribution or re-export to Gulf markets. Other transactions involve Omani exporters selling to buyers in the region.
The company established a Hong Kong entity in February to support transactions along the trade corridor. The activity highlights the financing requirements of businesses trading across borders, particularly smaller firms that may lack the financial history required by conventional lenders.
Exporters can wait between 60 and 90 days for payment after shipping goods, creating a gap between fulfilling orders and receiving revenue. Importers and manufacturers face similar working capital pressures when purchasing goods and materials from overseas suppliers.
mamun’s platform connects businesses seeking financing with investors willing to fund individual transactions. Its assessment considers contracts, buyers, shipping documents and previous dealings between trading partners, rather than relying primarily on a company’s financial history.
“The business brings us a transaction, not just a balance sheet,” Al Tamami said. He noted that financing decisions could be reached within days once the required documents were complete.
The platform operates under the crowdfunding framework regulated by Oman’s Financial Services Authority. Investors supply the financing, while mamun assesses and structures transactions using Sharia-compliant arrangements.
The new $3 million investment will be used to expand transaction sourcing, artificial intelligence-based credit assessment, and monitoring and collection processes.
The expansion comes shortly after His Majesty Sultan Haitham bin Tarik’s state visit to China, during which the two countries announced agreements covering financial cooperation, including a currency swap arrangement between their central banks.
Al Tamami said the swap could eventually help address foreign exchange costs and settlement risks associated with bilateral trade. “Part of why Oman–China trade has been financed through third currencies and third-country banks is settlement risk and FX cost; a rial–renminbi line changes that over time,” he said. However, he confirmed that no contracts had yet resulted directly from the visit.
The commercial impact of the agreements will depend on their implementation and the extent to which businesses can access any resulting financial arrangements. Beyond trade finance, mamun supplies technology for Iskan, Oman Housing Bank’s digital financing platform.
Al Tamami said the platform had processed more than RO 400 million in housing financing, although the funds were provided by the bank rather than mamun. The company also reported participation by investors representing more than 55 nationalities across over 25 countries.
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