Bank Muscat, the leading financial services provider in the Sultanate, recently revealed that the Central Bank of Oman has approved the institution’s request to establish a $100 million (appr. OMR38.5 million) nationwide, strategic Fintech investment program.
The investment program is reportedly part of Bank Muscat’s strategic growth initiative.
Abdullah Zahran Al Hinai, chief wholesale banking and strategic growth officer, stated:
“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.”
Al Hinai noted that the bank’s long-term commitment to innovation aims to take advantage of the latest technological developments in banking.
He added that the strategic financial technology investment program aims to promote awareness about technological trends and will help establish key Fintech partnerships and business development opportunities. The program will also contribute to Oman’s larger financial services ecosystem and economy, Al Hinai said.
Fintech services aim to promote financial inclusion for underserved people and organizations participating in a country’s economy, including SMEs and personal banking clients, Al Hinai explained.
“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 team up with established VC funds in order to leverage their experience and expertise to develop a steady pipeline for direct investments. The program will mainly focus on investments in Fintech firms.
Bank Muscat is Oman’s largest financial institution and has a long history of being a prominent institutional investor that manages a large proprietary portfolio, which is invested in a diverse set of asset classes across domestic and overseas financial markets.