MUSCAT : The summit served as a crucial forum for deep discussions on the future challenges facing Oman’s financial sector amidst rapid digital advancement, underscoring the critical need for renewed tools and enhanced readiness for the future.

In his opening remarks, Nishad Padiyarath, CEO of The Arabian Stories and Chair of the Organising Committee, highlighted the summit’s timely significance. “The Banking & Technology Summit 2025 comes at a pivotal moment in the region’s digital transformation journey. Financial institutions must navigate the dual challenge of adapting to accelerating technological innovations while ensuring sustainability and digital sovereignty,” he stated, pointing out that the decision to host the summit before the start of the second half of 2025 was not coincidental. “It is a conscious response to the banking sector’s need to renew its tools and enhance its readiness for upcoming changes, in line with Oman Vision 2040’s objectives of building a knowledge-based, resilient, and technologically secure economy,” he added.

Padiyarath also noted that the summit served as an effective platform bringing together decision-makers, technology pioneers, and cybersecurity experts to exchange insights and shape the financial future of Oman and the region.

Delivering the keynote address, Dr. Mohammed Fakhri Suwaileh, Senior Manager of Endowment Investment at Bank Nizwa, focused on the need for digital transformation and sustainable endowment investment. “Digital transformation is no longer a deferred option or an institutional luxury; it is an existential necessity to modernise economic structures and enhance the efficiency of banking systems, ensuring their survival and prosperity in a rapidly changing world.”

Explaining further, he stated: “It has become imperative to reshape our endowment tools to keep pace with the digital age, without compromising the essence of Sharia objectives. This can be achieved by adopting smart investment models based on governance standards, driven by technology and innovation, and framed by a clear vision for sustainable development. This renewed vision is poised to open new horizons for economic and social empowerment within a secure, flexible, and human-centric banking environment.”

Panel Sessions Explore Digital Readiness and Sector Innovation

The summit’s first session, led by Viktor Larionov, Senior Managing Partner at Introduct Group, a leading global expert in digital transformation and software development, addressed the strategic shift in banking from technology as a support tool to technology as a core business driver. “A financial sector that fails to re-engineer its digital infrastructure today risks becoming irrelevant tomorrow,” he said, calling for bold investments in AI, cybersecurity, and cloud computing.

Larionov added: “The banking future is being forged now through bold decisions and smart investments in artificial intelligence, cloud computing, and cybersecurity. From our position as a company that has led transformations in global markets, we believe that digital transformation is not just a technological journey, but a fundamental change in mindset, organisational culture, and customer experience.”

The second session, titled “Sustainability and Banking”, was moderated by Paul George and featured a distinguished panel of banking sector specialists from Oman. Participants included Ammar Askari, Head of Customer Experience at Bank Dhofar; Salman Kabani, Head of Enterprise Risk Management at Bank Nizwa; Hamza Al Lawati, CEO of Wadiaa. The session addressed a range of profound challenges confronting banks amidst their rapidly accelerating digital environment. It explored ways to integrate sustainability principles into core banking operations, investigate green finance opportunities, sustainable investment tools, and mechanisms for adapting to Environmental, Social, and Governance (ESG) requirements in light of changing global markets.

The session also discussed the role of digital transformation in driving sustainable innovation and reshaping customer relationships based on concepts of transparency, financial empowerment, and economic inclusion. Participants also tackled the challenges banks face in balancing profitability goals with social responsibility requirements, in addition to reviewing leading practices from the Omani banking sector that embody the transition towards more conscious and sustainable banking systems, aligning with the strategic directions of “Oman Vision 2040”.

The third and final session of the summit served reflected on the profound transformations in the banking cybersecurity landscape. Moderated by Jaifar Al Mamari, Head of Cybersecurity at Vodafone Oman, the panel included a selection of digital security experts: Lt. Col. Mohammed Al Kharusi, Director of Digital Services at the Royal Oman Police; Dr. Nasser Al Azwani, Head of Information Technology at Alizz Islamic Bank; Saeed Al Muselhi, Head of Corporate Information Security at Ooredoo Oman; Faisal Al Toubi, Lecturer at the Advanced Cybersecurity Academy; and Wail Al Kalbani, Technical Standards Engineer at the Telecommunications Regulatory Authority.

This session highlighted cybersecurity risks in the age of accelerated digital transformation, as well as the increasing interconnectedness of digital systems, questioning whether traditional risk management models remain valid for confronting modern threats. Discussions also covered the shift from formal compliance to building institutional cyber immunity that contributes to raising the banking sector’s readiness to face attacks and respond quickly.

Speakers deliberated on ways to protect innovation in the fintech environment and open banking services without restricting technological development. They underscored the importance of investing in artificial intelligence and predictive analytics as proactive means to counter potential attacks. The session also addressed the need to develop an integrated legislative and regulatory framework for cybersecurity in the financial sector, calling for the drafting of a unified national charter that enhances coordination among various stakeholders. The challenges of responding to digital emergencies and the necessity of effective, regularly tested recovery systems were also discussed, alongside the importance of enhancing digital trust among customers and transforming cybersecurity into a marketing and strategic pillar to strengthen customer loyalty and reduce risks.

The session underscored the importance of the human element as the most crucial link in building a cyber-aware institutional culture, calling for continuous, specialized training programs that help bridge the gap between technological tools and human awareness. The idea of establishing a unified national operations room for financial cybersecurity, contributing to enhanced integration between the Royal Oman Police, banks, regulatory bodies, and telecommunications companies, was also proposed.

The Banking & Technology Summit 2025 was launched with the support of several leading institutions, with the endorsement from Credit Oman. Bank Nizwa and Oman Arab Bank provided gold sponsorship for the event, affirming their commitment to supporting the digital transformation ecosystem and fostering financial innovation in the Sultanate. In support of advanced mobility solutions, Changan participated as the official Automotive Partner, while the Advanced Cybersecurity Academy played a pivotal role as the Knowledge Partner, leveraging its specialised expertise and training initiatives to support the security of the banking digital space. Wadiaa participated as the Fintech Partner, affirming its position as a leader in financial technology solutions in the region.

To enhance specialised media presence, “Sawt” and “Business Plus” platforms joined as media partners, contributing to conveying the summit’s proceedings to a wide audience of stakeholders and active participants in the financial and technological sectors.

As Oman continues its transition into a digitally empowered economy, the Banking & Technology Summit 2025 has firmly positioned itself as a catalyst for informed transformation, highlighting that the future of banking lies not just in digital adoption, but in resilience, responsible innovation, and cross-sector collaboration.

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