Monday 02 / December / 2024
Muscat: The National Bank of Oman (NBO) recently concluded the NBO Hackathon as part of its Fintech Accelerator Programme, held from 30th August to 1st September 2024 at the NBO head office. The event was a resounding success, bringing together Oman’s brightest fintech innovators to develop creative solutions and showcase their entrepreneurial skills. The winning teams were awarded cash prizes, with the first-place winner, team Archon Wallet, receiving OMR 2,000, second place going to team Finsync, receiving OMR 1,000 and third place was team CoinEdge, awarded OMR 500. The NBO Hackathon received over 300 applications, with 90 applicants shortlisted for the 48-hour hackathon.
A special closing ceremony celebrated the event's success and winners, with several distinguished VIP attendees present, including H.E. Tahir Al Amri, Executive President of Central Bank of Oman and H.E. Mahmood Al Aweini, Secretary General of the Ministry of Finance, with the presence of Sheikha Amal Bahwan, Chairperson of NBO, and Abdullah Al Hinai, Chief Executive Officer of NBO.
Over 48 hours, 17 teams engaged in intensive brainstorming and development sessions, creating innovative fintech solutions to address real-world challenges. The event culminated in three finalist presentations to a panel of judges comprised of industry experts and leaders, who evaluated the projects based on their innovation, feasibility, and potential impact. The judging panel included members from diverse expertise, which comprised Azzan Al Kindi, CEO and Co-founder of Rihal, Ghada Al Kharusi, Innovation Manager at the Central Bank of Oman, Mohammed Al Wahaibi, CEO of Al Jabr MENA and Ferenc Bole, Head of Information Technology at NBO.
Mustahil Ahmed Al Mamari, Assistant General Manager and Head of Strategy and Transformation at NBO, expressed his enthusiasm for the outcomes: "The Hackathon was just the beginning of an exciting journey for the participants. The winners will potentially advance to the next step in our Fintech Accelerator Programme, where they will receive further support to turn their innovative ideas into fully operational ventures. We are amazed by the calibre of innovations and creativity levels the participants presented.”
He added, “The NBO Fintech Accelerator is committed to nurturing Oman’s fintech ecosystem, which aligns with our goals and in-country value initiatives. By fostering local talent and supporting innovative startups, we aim to contribute to Oman's economic diversification and our communities' sustainable development. We are excited to see these ideas develop further and make a lasting impact on both the financial sector and the broader economy."
As Oman continues to promote innovation and entrepreneurship, initiatives such as the NBO Fintech Accelerator are essential for turning inventive ideas into tangible businesses that contribute to the broader economy. Aligned with the goals of Oman Vision 2024, this Hackathon has set a strong foundation for future events and collaborations, fostering a culture of innovation and excellence within the fintech sector.
For more information on the NBO Fintech Accelerator Programme and other initiatives, please visit NBO Fintech Accelerator or contact the NBO Call Centre at 24770000.
