FSA’s Bayanat portal qualifies for WSIS 2024 Prize

Business Wednesday 22/May/2024 17:16 PM
By: Times News Service
FSA’s Bayanat portal qualifies for WSIS 2024 Prize

Muscat: The Financial Service Authority’s (FSA) Bayanat portal qualified for the prize of World Summit on the Information Society (WSIS) in the best five projects for the C7 Business category after FSA’s participation in the competition for the prize.

The portal was qualified after obtaining a high number of votes. FSA will take part in the prize announcement ceremony to be held in Geneva, Switzerland at the end of this month.

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 Financial Services Authority and is considered one of the key electronic projects of the FSA within its endeavours to achieve the objects of its strategic plan to upgrade the securities market in line with the national priorities of Oman Vision 2040 in digital transformation.

FSA participated in the competition to highlight the digital projects that aim to ease access to information and to attract domestic and international investors in addition to representing the Sultanate of Oman in such initiatives.
The portal was created by FSA 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 which represent one of the national priorities.

Bayanat is a digital analytical portal for disclosure of both financial and non-financial information and data of issuers of securities using XBRL language and provides safe and fast technology for disclosure reports as it standardises 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.