Oman has launched a National Fintech Strategy alongside the Oman Fintech Gate, a platform designed to help fintech firms enter the local market.
Led by the Central Bank of Oman (CBO), the Oman fintech strategy sets out a single national roadmap and was developed with the Financial Services Authority (FSA) and the Ministry of Finance‘s Estidama programme.
Several other government bodies, including Invest Oman, also contributed.
While the CBO will oversee implementation, each participating authority keeps its own regulatory mandate, and a governance framework will track progress and accountability.
The strategy’s goals include creating a proportionate regulatory environment for secure, customer-focused financial services, widening financial inclusion and attracting fintech companies and investment to the country.
Another aim is to help Omani startups scale locally and overseas, in line with Oman Vision 2040.
“Our responsibility is to create an environment in which innovators can develop, test and grow with clarity and confidence,
while financial stability, market integrity, cybersecurity, consumer protection and public trust remain firmly safeguarded,”
said His Excellency Ahmed Al Musalmi, Governor of the CBO.
FSA Chief Executive Officer Sheikh Abdullah bin Salim Al Salmi said the regulator would continue developing rules that support innovation across non-banking financial services, such as capital markets and insurance.
As for the Oman Fintech Gate, applicants can use it to understand regulatory requirements, complete the initial application stage and connect with stakeholders.
Hosted on the Invest Oman platform, the gate acts as a point of entry rather than a regulator, with assessments and decisions remaining with the CBO and FSA under Oman’s legal frameworks.
According to the CBO, the platform should make market entry more transparent, predictable and efficient for local and international fintech companies.
Featured image: Edited by Fintech News UAE, based on image by Derbelo546 via Wikimedia Commons.
