International Finance

Bank Muscat to launch $100 mn strategic fintech programme

Bank Muscat fintech
The programme will ensure top class services and digital innovations across all segments

Bank of Muscat has received approval from the Central Bank of Oman to launch a $100 million strategic fintech investment programme. The investment programme is part of Bank of Muscat’s strategic growth initiative, the local media reported. 

Abdullah Zahran Al Hinai, chief wholesale banking and strategic growth officer, told the local media, “In line with our corporate vision ‘to serve you better, everyday’, the bank always focuses on adopting cutting edge technology to provide the best in class services and offering innovative digital channels catering to all segments.”

The programme will help the bank to facilitate more partnerships and growth opportunities in the fintech sector. In the big picture, the programme is expected to improve prospects for the financial services industry and the economy. 

Bank of Muscat is the biggest financial institution in Oman. It is also an experienced investor managing a significant proprietary portfolio in multiple asset classes across local and international markets. The bank’s customer base will be the prime leverage to build partnerships in the industry. 

Last month, the bank joined the Oman Credit & Financial Information Centre, the local media reported. With that, Bank of Muscat will be able to draw accurate information to take quick decisions and build an extensive customer reach in a short period. 

Oman Credit & Financial Information Centre aims to establish a national data bank for the Omani society. This plan is in line with Oman Vision 2040. The sultanate is committed to boost financial inclusion for underserved segments, mainly SMEs and personal banking clients. 

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