According to the Pulse of Fintech 2019 report published by KPMG, fintech investment in 2019 reached a six-year high in the UK. Interestingly, total fintech investment in the UK amounted to $58.1 billion in 2019, which means around 83 percent of the fintech deals in Europe happened in the UK.

Seven of the 10 biggest fintech investment deals in Europe also involved fintechs in the UK. Fintechs such as Greensill and OakNorth led the way by raising $800 million and $440 million respectively.

Anton Ruddenklau, global co-leader of fintech, KPMG International told the media, “Over the past year, the lines have really started to blur between financial services and non-financial services, with fintech companies helping to bridge the gap – we expect this trend to continue into 2020. Some of the biggest deals have been clear examples of investment in fintech solutions that are more focused on supporting other businesses’ digital infrastructure and this, in turn, is attracting investors towards the potential for quicker-to-profit models.”

“Just look at how the big tech giants are working with both traditional financial institutions and fintechs in order to seamlessly integrate financial services within their ecosystems, and at how the larger fintechs and financial institutions are looking at ways to broaden their offerings into adjacent areas.”

When we look at the global fintech market, investment, however, slowed down. In 2019, global fintech investment stood at $135.7 billion across 2,693 deals.

The KPMG report predicts companies such as Alphabet and Alibaba to increase their activities in the fintech space in 2020. It also predicts numerous high-level mergers and acquisitions in the fintech sector.

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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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