Electronic Disclosure Portal qualified to compete for WSIS prize

Muscat: Electronic Disclosure Portal (Bayanat) qualified to compete in the final phase of the World Summit on Information Society (WSIS) Prize.

Bayanat is a disclosure portal for financial and non-financial information of public joint stock companies and investment funds and other entities regulated by the Capital Market Authority and is considered one of the key electronic projects of the CMA within its endeavours to achieve the objectives of its strategic plan to upgrade the securities market in line with the national priorities of Oman Vision 2040 in digital transformation.

CMA calls for the citizens and residents to vote for Bayanat via the website https://2u.pw/29re3gRn. The portal participates in the competition under the category (All C7. E-business). Voting ends on March 31. CMA emphasises that its participation in the completion comes to highlight the key e-projects that aim to facilitate access to information and attract domestic and international investors besides representing the Sultanate of Oman in such initiatives.

The portal was created to enhance transparency and efficiency in the financial markets which reflects on enhancing the confidence of market participants inside and outside the Sultanate of Oman besides enhancing the legislative and technological infrastructure related to disclosure processes of the issuers of securities and insurance companies and brokers to cope with the objects of Oman Vision 2040 with regard to digital transformation.

XBRL is a digital portal for disclosure of both financial and non-financial information and data of issuers of securities which would reflect positively on the standards of transparency and fairness required in the stock markets and consequently enhance the confidence of participants. XBRL portal provides safe and fast technology for disclosure reports as it standardizes the concepts of financial information and disclosure elements for easy access by all the parties to furnish accurate, reliable and timely financial information providing the ability to conduct the required comparison, studies and analysis in an efficient electronic way. XRBL transfers financial statements and data using IFRS Taxonomies and coding readable by both readers and computers for easy access to the information therein and to compare the contents.