MUSCAT: Bank Muscat, the flagship financial services provider in the Sultanate, in line with its vision ‘To serve you better, everyday’ has reinforced its Global Trade Services (GTS) offered to corporate partners with a number of new initiatives. Notably, the GTS team has launched a new GTS eApplication services for all corporate customers as part of its continuous efforts to enhance ease of banking. 

GTS-related applications are now available electronically via https://www.bankmuscat.com/en/pages/eapplication.aspx  and corporate customers can conveniently apply for any of these products from anywhere, take a printout and submit at any corporate branch. The eApplication is especially designed to simplify and reduce the processing time from the old way of handwritten/typewritten paper-based application forms. It can be used to apply for a Letter of Credit, Bank Guarantee, Shipping Guarantee and Loan against Trust Receipt (LTR).

Customers can select the right form from “GTS eApplication” available under the business. They will then need to select their preferences, input the relevant data to complete the form and then click on the “Apply” button. Customers also have the ability to save an incomplete form for filling up later as long as the form is saved after filling in the mandatory data. This form can be retrieved through the search functionality later on. Customers will then need to enter their official email id to receive an OTP. Once the OTP is entered and submitted, they will need to click on “Apply” and then print or download the form and submit at any of Bank Muscat’s dedicated Corporate Branches at Bank Muscat Head Office, CBD, Al Nahda Towers, Sohar and Salalah.

Fatma Khalifa Ali Al Maskiry, AGM – Global Trade Services, said: “Bank Muscat always strives to innovate with the aim of achieving the best technology platform and providing highest level of services to all our valued customers. With the best and most knowledgeable team in the country, Bank Muscat is ideally positioned to meet all trade finance requirements of corporate clients and the bank’s state-of-the-art processes and technology are designed to drive future corporate transactions and digital banking requirements in Oman.”

Bank Muscat is among the leading trade finance services providers across the region. The Global Trade Services team at Bank Muscat blends traditional financial solutions with tailor-made packages for operations, ensuring prompt payments, managing liquidity and minimising exchange rate risk. To meet the challenging demands of exporters, importers and local traders, Bank Muscat offers customised solutions with its strong global network. Bank Muscat issues Letters of Credit, various types of Guarantees and Standby LCs as well as financing to exporters and importers. The new system will greatly improve flexibility in processing, ease of access, error free processing and faster turnaround time.