The Central Bank of Oman (CBO) has issued the first license to non-bank financial entities (Fintech companies) in favour of Thawani Technologies for complying with all regulatory requirements. The license is a fundamental step towards achieving Oman’s vision to nurture and enable Fintech companies to offer acceptable, affordable, accessible and available services to the nation.
Majid Al Amri, CEO of Thawani, said, “Thawani aims to become a catalyst for innovation by providing better payment solutions to merchants and users alike. This licence is key to our growth trajectory as it will allow us to expand our competitive product portfolio and create value for our users. CBO’s trust in our technological capabilities will further drive our commitment to reach new horizons in-par with global developments and innovations in the field of modern payment systems.”
CBO, as the custodian of Oman’s payment systems infrastructure, a adopted a strategically systematic approach to taking the country’s financial technology capabilities to the next level. In 2017 a mobile payment clearing system was launched enabling beneficiary companies to make payments and transfer funds simultaneously through a mobile phone number. While in 2018 the National Payment Systems Law was issued further strengthening the legal framework for payment systems.
An Omani start-up, Thawani was established in 2016, allowing safer and quicker cashless mobile payment solutions to merchants, individual shoppers, and buyers alike. An internationally-certified company in card securities, it has become the leading platform for e-transactions and payments set-up, bringing the next generation of e-payment solutions to the local market in just a few short years. Today, Thawani is poised to launch new and unprecedented products and features as Oman’s payments infrastructure continues to race forward, particularly in light of the coronavirus (COVID-19) pandemic. Its growing list of clients includes nation-wide service providers such as Oman Oil Marketing Company, and Haya Water Company, to name a few. The company also offers smart services retail and bill payments, and payment of tuition fees, and social insurance.