Fintech

Financial Technology (Fintech) refers to the usage of modern technologies in the provision of financial services and products. Fintech encompasses innovative practices that develop the provision of new or existing financial products and services, by reducing costs, enhancing security, and improving financial inclusion, thus spurring financial development and economic growth. The rapid technological developments have been transforming the financial sector in an unprecedented manner, and the adaptation to these changes has become inevitable. The Central Bank of Oman has therefore been prioritizing the development of Fintech and enhancement of innovation in the financial sector through the introduction of suitable regulatory frameworks and approaches including the Fintech Regulatory Sandbox project and others in the pipeline.

Fintech will be working toward focusing on achieving a number of primary objectives. The following figure represents some of the major objectives of Fintech.