Muscat: The Central Bank of Oman (CBO) today held an annual meeting during which it reviewed new regulatory and supervisory initiatives undertaken by the bank.
The meeting, which took place at the Royal Academy of Administration (RAA) under the theme “Digitalising Tomorrow in Muscat”, also explored the future of banking services.
Tahir Salim Al Amri, CBO Executive President, reviewed key government initiatives aimed to enhance financial sustainability and economic diversification. He also lauded the government’s support for the private sector and Oman Banks Association (OBA).
This support, Al Amri added, led to the success of the Financial Action Task Force’s evaluation of the Sultanate of Oman’s system on combating money laundering and terrorism financing.
The meeting touched on enthusiasm among local and international investors about the growth of Omani economy. This growth is evidenced by the recent of four new banks and a number of payment service providers to the Financial System, in addition to significant improvements that helped upgrade Oman’s sovereign credit rating.
The meeting also reviewed initiatives aimed at modernizing the banking infrastructure, including digital onboarding through an electronic platform designed to identify and verify the identity of clients and register them electronically within the “Know Your Customer” system.
Other initiatives include a multi-stage approach to green and sustainable financing and the introduction of the Gross Settlement System and the international bank account number.
The meeting included a a panel discussion for CEOs of banks and payment service providers.
The participants discussed the future of banking services and the mechanism of digital transition in banking services by reshaping the way banks and other financial institutions operate.
The discussion panel elaborated on how the banking sector deals with rapid changes and supports financial innovations in Oman.
