‘Oman’s central bank working to issue its own digital currency’

Muscat: The 7th edition of New Age Banking Summit Oman explored transformations in the financial economic system during the digital era and amid new strategies and innovative products and services to reach clients through digital platforms.

The summit also touched on efforts against cyber dangers.

The opening ceremony of the was held under the patronage of Tahir Salim Al Amri, Executive President of the Central Bank of Oman (CBO).

Al Amri said that the CBO is working to issue its own Central Bank Digital Currency (CBDC).

Work is also underway to open banking API services and overcoming challenges that face the digitisation sector, he added.

Al Amri pointed out that many central banks are studying the possibility of issuing their own CBDCs and the CBO is committed to supporting innovation in the financial sector.

He also stressed the importance of investing in cybersecurity technologies and to overcome challenges in this field.

Ali Hassan Mussa, CEO of Oman Banks Association (OBA) said that the summit aims to bring together banks, other related entities and global tech companies to discuss developments in this field internationally and locally.

The event saw the participation of experts and officials from Oman and other countries.

Two agreements were signed on the sidelines of the summit between Oman Data Park and Bank Nizwa. The first agreement is on setting up infrastructure for artificial intelligence (AI) services, while the second deals with data centre services.