Bank Muscat announced that the Central Bank of Oman has approved the bank’s request to launch a $100 million (RO 38.5 million) strategic Fintech investment program. The investment program 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 strategic Fintech investment program will add further momentum to the transfer of technical know-how and will help create Fintech partnerships and growth opportunities. The program 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 funds to leverage their expertise and strength so as to create a high-quality pipeline for direct investments. The program 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 program 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 materialize Fintech partnerships.
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