Infrastructure

Investing in robust digital infrastructure to support fintech activities.

1. National Electronic Know Your Customer (KYC) and Customer Digital On-boarding

   What is eKYC: The National Digital Onboarding Registry (eKYC platform) with Malaa allows financial institutions to electronically verify customer identity and access KYC data for both individual and corporate clients. The platform enables organizations to provide a seamless and secure customer experience while meeting regulatory requirements for identity verification.

   In June 2023, the CBO issued the instructions on Digital onboarding and Electronic Know Your Customer (e-KYC) specifying the coverage of eKYC instructions on customer categories and products/services. Mala’a is the National Digital Onboarding Registry allowing members to leverage its data to deliver the national e-KYC initiative. Below are the key statistics and developments related to the initiative:

   

   Mala’a is the National Digital Onboarding Registry allowing members to leverage its data to deliver the national e-KYC initiative. Below are the key statistics and developments related to the initiative:

   Platform Connectivity

   Banks

   Finance & Leasing Companies (FLCs)

   Fintech Companies

   Payment Service Providers (PSP)

   Brokerage Firms

   Money Exchange

   Telecom Companies

   Government Entity Integration

   9 government entities are registered as data providers on Mala’a’s platform, contributing to a robust and reliable data source for identity verification

   Phase II Developments – E-KYB

   The Hawiya initiative is progressing toward a more comprehensive identity and business verification ecosystem. In the second phase, Electronic Know Your Business (E-KYB),

   3 members are participating in a Proof of Concept (POC) to explore and enhance digital onboarding and compliance for businesses.

   

   Murshid report is a customized credit report designed to optimize the institution's risk assessment process through automation. With Murshid's robust decisioning engine, it provides customized credit reports tailored to fintech’s specific needs.

   Murshid offers a comprehensive automated workflow, integrating with the credit bureau systems to retrieve credit report information of individuals and companies.

2. Central Bank Digital Currency (CBDC):

   • CBDC Overview

     A Central Bank Digital Currency (CBDC) is a digital form of currency issued by a central bank, aimed at streamlining and securing payment processes. CBO envisions CBDCs as an integral part of Oman’s financial digital transformation strategy, enhancing efficiency and inclusivity within the financial ecosystem.

   • CBO’s Pilot and Research Initiatives:

     In December 2023, CBO launched an extensive study to understand the design, regulatory framework, and cybersecurity aspects of CBDCs. This was followed by a pilot phase exploring various use cases, marking an essential step toward the potential adoption of a CBDC in Oman.

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