Muscat: Bank Muscat, the flagship financial services provider in the Sultanate, announced that the Central Bank of Oman has approved the bank’s request to launch a $100 million (OMR38.5 million) strategic Fintech investment programme.
Fintech refers to the innovative application of technologies and new technology-enabled business models in the financial services industry. The investment programme is part of the bank’s strategic growth initiative.
Abdullah Zahran Al Hinai, Chief Wholesale Banking and Strategic Growth Officer, said: “In line with our corporate vision ‘To serve you better, every day’, the bank always focuses on adopting cutting edge technology to provide the ‘best in class’ services and offering innovative digital channels catering to all segments. The bank’s long-term commitment to innovation reflecting the latest technological trends in banking is endorsed with prestigious regional and global awards like Best Consumer Digital Bank in Oman award by Global Finance. The strategic Fintech investment programme will add further momentum to the transfer of technical know-how and will help create Fintech partnerships and growth opportunities. The programme is also expected to contribute to the wider financial services industry and the economy of the country. Fintech enhances financial inclusion for underserved segments of the economy, particularly for Small and Medium Enterprises (SMEs) and personal banking clients. Bank Muscat’s efforts will greatly encourage the development of new skillsets as well as the technical knowhow of the Omani workforce.”
Bank Muscat will partner with reputed Venture Capital (VC) funds to leverage their expertise and strength to create a high-quality pipeline for direct investments. The programme will target investments in Fintech companies.
Bank Muscat is the largest financial institution in Oman and is an experienced institutional investor managing a sizeable proprietary portfolio invested in multiple asset classes across local and international markets. The strategic Fintech investment programme will benefit from the bank’s investment expertise as well as first-hand knowledge of the bank on financial technologies and upcoming trends in financial services. The large customer base of the bank is an added lever for the bank to materialise Fintech partnerships.