Fintech Regulatory Sand Box External Form

It is compulsory to answer all questions in this application form and upload documents.

It is compulsory for applicant company CEO to submit a signed and stamped application form.

Section A: Applicant Details

Section B: Fit & Proper Criteria

Fit & Proper Proof:  *

Section C: Application

Please utilize this section to showcase your idea in all aspects – readiness, feasibility, eligibility for application in Oman, compliance, future plans etc.

Brief about the Company:*

Your company, history and activities in areas of technology and financial services in Oman or abroad. Types of licensing that your company has obtained to conduct its activities. Proof of your company’s financial standing and achievements thus far, if any.

Partnerships and Affiliation: *

Existing or intended partnerships and/or affiliations (e.g. MoU/Agreement signed) that you plan on forming in order to implement your Fintech idea (e.g. Licensed Bank in Oman, technical solution provider, government entities, etc.) whether during the Sandbox testing or potential full licensing and deployment of the idea. Provide a summary of those entities’ licenses and operations history

Legal Standing:*

Declare and justify whether your company, its executive management members or partners is involved in any form of litigation whether in Oman or abroad. If any, clarify how such involvement will not hinder your company’s Sandbox testing operations. Declare and explain, if any, whether your company, its executive management members or partners have ever been convicted of a money laundering or terrorism financing or subjected to an investigation thereon.

Brief about the Idea:*

Your Fintech idea, customer target group, main goals and expectations, scope (e.g. local in Oman or abroad) and service/s offered to the consumer

Business Model and Feasibility:*

Your business model, available human resources (with business, technical and banking/financial sector knowledge and expertise), available funding type and amount as well as financial plans for the testing period. Feasibility of applying your idea at full-scale in the Omani market if testing was successful and as such, the main criteria of successful testing. Future plans for your Fintech Company.

Added Value:*

Added value that your Fintech platform will bring to the Omani market and consumers (e.g. new product, efficient delivery, lower price, etc.) and how it is distinguishable from existing market offerings (mention at least two of the closest examples). Fintech platform incorporates advanced concepts (e.g. artificial intelligence, machine learning, blockchain, etc.). Competitiveness to be sustained in the market given competitors’ offerings.

Business Process Workflow:*

Upload the business process workflows/Scenarios of your Fintech product/service.

Technology:*

Technology types (in-house, through third-party providers, hosted in Oman or outside, Cloud-based, cloud service provider name, cloud deployment model and cloud delivery model), specific applications and features used in implementing your Fintech platform.

Readiness:*

Readiness of your platform for Sandbox testing from the technological perspective, a ready Minimum viable Product (MVP). A demonstration of the platform for the CBO is to be scheduled post receiving the application form. Platform compatibility with the Omani payments and banking infrastructure.

Roles and Responsibilities:*

Business partnerships of your Fintech Company with other organizations in Oman and abroad (e.g. licensed banks, government entities, etc.) to provide the intended services to the customers. Plans to avail services from other entities.

Customer KYC/AML:*

Customer/Merchant KYC scenarios or use cases of onboarding and AML screening.

Data Localization:*

Data localization regulations compliance. Sensitive data processing, transmitting or storage (e.g. customer banking data, Debit/Credit Card data, Personally Identifiable Information (PII), etc.) within Oman or aboard through foreign Cloud technology. Measures to protect the confidentiality, integrity and availability of the sensitive data.

System Integration:*

Your Fintech platform integration with Omani banking and payment infrastructure to be tested. Integration approach (e.g. CBO or licensed bank system name, full system integration or limited system features, name the features, expected timeline to complete the integration phase, etc.

Cyber Security:*

Your Fintech platform information security features including enhanced security (e.g. sensitive data tokenization or encryption). Information security assessments (e.g. vulnerability assessments or penetration testing, security audits) done and/or PCI DSS compliance.

Testing Needs, Plan, and Exemptions:*

Your Fintech platform testing plans, testing timeline (minimum of 6 months), Key Performance Indicators that determine success/failure, boundary conditions (e.g. maximum number of customers exceeded, maximum transaction size exceeded, etc.) and the end results targeted from this testing. Mention any regulatory exemptions that you need in order to conduct this testing that CBO may grant and explain why.

Risk Mitigation and Customer Protection Scheme:*

Potential risks that may arise during testing (e.g. operational risks, financial crime risks, cyber security risks, legal risks, testing delay risks, etc.) and risk mitigate approach during and beyond testing. Potential implications on customers and customer compensation scheme (e.g. due to test failure, customer dispute, etc.). Your Fintech company ability to meet essential consumer protection requirements (privacy, data protection etc.).

Exit Plan:*

Your plan(s) for exiting from the Sandbox testing in different exit scenarios including successful and unsuccessful testing.

Communication Plan:*

Your plan(s) to reach out to your target customer group (e.g. Call Center, etc.). Main guidelines for communication with them and especially specific disclosure needs for different testing scenarios

SECTION D – Applicant Confirmation

I hereby confirm that all the information provided to the Central Bank of Oman (CBO) in applying to participate in the Fintech Regulatory Sandbox is accurate, correct and complete, and that the documents submitted along with the application are genuine. I undertake to inform CBO in writing and without any delay of any changes to the information provided and to update such information whenever the Central Bank of Oman so requires. This confirmation is irrevocable and not subject to cancellation or amendments.