Sohar International introduces first API Banking Portal in the Nation

Roundup Monday 27/May/2024 18:54 PM
By: Times News Service
Sohar International introduces first API Banking Portal in the Nation

Muscat: Sohar International - Oman's Best Bank, has launched its comprehensive Application Programming Interfaces (API) Banking Portal, heralding a new era designed to revolutionise financial management catering primarily to government bodies, corporate entities, and fintech companies through providing innovative API-based solutions.

This transformative journey is a direct response to the rapidly evolving financial landscape, where shifts in consumer behaviour and technological advancements necessitate a new approach to banking. Standing at the forefront of financial sector modernisation, API banking enables third-party entities to securely access bank services and data to complete specific transactions that otherwise may take a longer time to complete.

Mr. Ahmed Al Musalmi, Chief Executive Officer of Sohar International commented, "Today marks a significant milestone in our nation's financial landscape as we proudly launch our API Banking portal, a first in the country. This innovative platform empowers developers and third-party providers to create groundbreaking financial services, driving unparalleled convenience and choice for our customers. By embracing this innovative technology, we are not only fostering innovation but also reinforcing our commitment to security, transparency, and customer-centric solutions.  Aligning with Oman Vision 2040 and our nation's agenda towards a more digital economy, this initiative supports our collective goal of creating a technologically advanced and diversified financial sector.  By driving seamless integration, we aspire to lead Oman towards an era where financial technology sets new benchmarks, fostering broader economic growth and innovation.”

Sohar International's API Banking Portal aims to redefine the provision of financial services with a diverse suite of products, including Account Information, Transaction, and Collection Services, among others, facilitated through carefully crafted APIs. Immediate benefits of this API banking will be experienced through customized capabilities, seamless interconnectivity and integration, increased efficiency and cost savings, and enhanced speed and flexibility of workflows, thereby fostering innovation. These APIs are designed to offer a consent-driven, secure, and personalized banking experience, ensuring customers' needs are met with precision and care.

Mr. Sajeel Bashiruddin, Chief Digital Officer of Sohar International, articulates the essence of this initiative, stating, “Our API Banking platform represents Sohar International's commitment to innovation and empowering customers. By leading the adoption of this paradigm, we're not merely keeping pace with global trends; we're setting them in our region. API Banking transcends technological advancement, embodying a cultural shift towards more transparent, accessible, and customer-focused financial services. We're proud to pioneer this future of banking.”

The API Banking platform will catalyze the development of new business models and use cases, offering significant benefits to government bodies and corporates, with potential future extensions to retail customers. This initiative underscores Sohar International's dedication to innovation, collaboration, and a customer-centric approach, aiming to position itself as the first bank in the country to introduce such an API offering.

Through this initiative, Sohar International reaffirms its pioneering status in the Omani and global banking sectors, driving financial technology progression and innovation. This bold move sets new benchmarks for banking and finance, showcasing what's possible when traditional banking meets the future.