Fostering collaboration between banks, fintech companies, and other stakeholders to create a vibrant fintech ecosystem. Engaging in public-private partnerships to drive fintech initiatives.
Fintech Forums
Aim: to share experiences, interact and connect to address focused topics and challenges and collaborate with different stakeholders.
2022:
- Future Tech Expo & Summit 2022, The Central Bank of Oman participated in Future Tech Expo and Summit which is a platform to connect with industry to drive business growth and stay ahead of the curve. The Central Bank of Oman participated with a paper on “The Impact of Big Data Analytics on the Banking Sector in the Sultanate of Oman” on September 2022.
- Tawasul in Sohar Governorate, to raise awareness to the public about Central Bank of Oman’s position in supporting the development of digital transformation, digital payments and Fintech in the country, the Central Bank of Oman on October 2022 interacted with school students, Omani women and industrial companies to present Financial Technology (FinTech), Virtual Assets and Cryptocurrencies and investment opportunities in modern financial technologies.
2023:
- Future Tech Expo & Summit 2023, The Central Bank of Oman will further engage in the next edition on November 2023 participating with a paper on "Oman FinTech Landscape"
Regional and International Collaborations
- GCC Fintech Working Group
- AMF
Aim: collaborating regionally to participate in specialized research on the Fintech field.
- a member in the GCC Fintech working Group that aims to discuss and explore opportunities and emerging technologies in Fintech within the GCC region.
- AMF, a member in AMF to discuss and explore opportunities and emerging technologies in Fintech in the arb region.
Annual Pavilion at COMEX Exhibition
The annual pavilion at COMEX Technology Exhibition
- Showcases The Central Bank of Oman's current and future initiatives in modern financial technologies.
- Showcases the innovation in Banking, Fintech and InsurTech.
- Showcases Governmental collaboration in the unified booth for the regulatory sandbox programs in the sultanate of Oman in collaboration with MTCIT, TRA and FSA sponsored by the Academy of Strategic and Defense Studies
- Showcasing of the Fintech Ecosystem in Oman enabled by CBO and FSA
- CBO & Ithca SCALE award for innovative fintech companies
- CBO & Oman Chamber of commerce and industry a fintech conference
Artificial Intelligence Hackathons
The AI the AI Hackathon was launched on August 2022 which was held at College of Banking and Financial Studies (CBFS) aiming to explore and attract emerging talents in the field of data science and artificial intelligence. The Hackathon encompassed scientific and practical workshops specialized in the fields of data science and artificial intelligence where 150 participants from various universities and scientific colleges in Oman joined.
Estidama Program
Estidama is a national program launched under the directives of his Majesty to ensure the transition from financial balance to financial sustainability. The program aims to empower the financial sector, both the banking sector and the capital market, by developing the financial system and investment opportunities to achieve the national goals of Oman Vision 2040.
The program includes a plan to develop the financial sector in the Sultanate of Oman. While Fintech is currently regulated by two main regulators (Central Bank of Oman, and Financial Services Authority), there are other government stakeholder who are collaboratively joining the efforts to develop the Fintech Eco-system. Therefore, CBO has jointed a working team, formed by Estidama, to work on initiatives which would complement the development of Fintech Eco-system in Oman that aims to achieve several objectives such as attracting of Foreign Direct Investments, increase number of employees in the Fintech sector, etc. Hence, a Strategic KPIs has been set for Fintech in the Financial Sector Development Plan.
Ministry of commerce, industry and investment promotion
The central bank of Oman is working with ministry of commerce, industry and investment promotion to align E-commerce strategy with CBO Fintech strategy and Roadmap to achieve the maximum benefits that will enable and drive development of E-commerce industry in Oman.
Science Festival Third Edition
The Central Bank of Oman participated in the third edition of the Oman Science Festival organized by the Ministry of Education promoted the importance of financial technology in an interactive manner targeting all segments of society.
- Liwa School Students, the Central Bank of Oman presented a lecture to the students in Liwa region on "Modern financial Technology (Fintech)"
- SQU students
Collaboration on the Green Fintech
The goal of the green fintech is to facilitate the transition to a more sustainable and low carbon economy by supporting activities that mitigate climate change, conserve natural resources and promote ecological balance. Central Bank of Oman has embarked on several initiatives related to green fintech including integrating climate related risk considerations in its core functions:
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Collaboration with Be’ah
Central Bank of Oman had signed the Memorandum of Understanding (MOU) with Be’ah to support the development of sustainability framework and circular strategy, focusing on requesting banks and financial institutions to consider climate risk and promote sustainability in their risk and produce recycled products from shredded banknotes.
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Collaboration with Environment Authority
Central Bank of Oman and Environment Authority have signed a MOU aims to Support projects related to innovation and modern technology in the fields of environmental preservation, classification of environmentally friendly green establishments and evaluation of green establishments in the banking sector. Additionally, to encourage licensed banks to provide loans to SMEs and loan facilities at competitive interest rates and raising awareness about green initiatives adopted by banks.
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CBO Participated in 2 working papers and surveys related to green finance, modern fintech technologies, and open banking in cooperation with Arab countries.
CBO/FSA Fintech Co-Regulatory Sandbox
- CBO and FSA joint Fintech working group: a collaboration program and a joint Fintech working group in 2022 to fundamentally align both entities strategies in term of supporting Fintech sector in Oman and to enable and strengthen Fintech development and relationship in the financial sector, in addition to prompting innovation in the financial sector and unifying the efforts which should benefit all stakeholders in the sector.
- CBO/FSA Fintech Co-Regulatory Sandbox aims to provide a unified program to encourage and support startups in the financial technology sector through joint support for financial technology proposals, evaluating them for feasibility, and ensuring successful implementation. On 26th May 2024, CBO and FSA signed the Fintech Co-Regulatory Sandbox framework.