MUSCAT: The initiative was launched by the Central Bank of Oman (CBO) in strategic partnership with the Financial Services Authority (FSA) and the National Programme for Fiscal Sustainability and Financial Sector Development (Estidama) at the Ministry of Finance.

The strategy seeks to establish a unified national direction for developing Oman’s fintech ecosystem, coordinating the efforts of relevant institutions and creating a roadmap for implementation in line with the objectives of Oman Vision 2040.

The CBO said the strategy aims to build a future-ready financial system that uses technology to expand access to financial services, improve their efficiency and quality, strengthen national competitiveness and support the transition towards an innovative, diversified and sustainable digital economy.

The Central Bank of Oman will oversee implementation of the strategy and coordinate national efforts with relevant stakeholders, while each participating institution will retain its legally mandated powers and responsibilities in policymaking and regulation.

His Excellency Ahmed bin Jaafar Al Musalmi, Governor of the Central Bank of Oman, said the launch represents a pivotal step in Oman’s financial transformation and reflects a national commitment to developing a more innovative, inclusive and competitive financial system.

His Excellency said the strategy brings regulation, technology, investment and entrepreneurship together within a unified framework to enable responsible innovation to move from ideas to scalable market solutions.

He stressed that innovation and financial stability can reinforce one another when supported by sound governance, proportionate regulation and effective institutional coordination.

His Excellency added that the CBO’s role is to provide an environment in which innovators can develop, test and expand their solutions while maintaining financial stability and market integrity, strengthening cybersecurity, protecting consumers and preserving public confidence.

The strategy also seeks to attract investment and expertise, develop national capabilities, empower Omani entrepreneurs and promote accessible financial solutions capable of competing in international markets.

His Excellency Abdullah bin Salem Al Salmi, Executive President of the Financial Services Authority, said the strategy provides a clear roadmap for keeping pace with rapid developments in financial technology.

The FSA will continue developing the regulatory environment for innovation in non-banking financial services, including capital markets, insurance, accounting and auditing, while keeping pace with international fintech developments.

Alongside the strategy, the Central Bank of Oman launched the Oman Fintech Gateway, a dedicated platform designed to provide fintech companies and entrepreneurs with a clearer and more coordinated pathway to enter the Omani market.

The gateway will act as a central hub for innovators seeking information about the market, assessing their readiness and connecting with relevant stakeholders.

It will provide guidance on applicable requirements, facilitate initial application procedures, connect applicants with ecosystem partners and help promising solutions progress towards regulatory engagement and potential market entry.

The platform is also intended to improve transparency, predictability and efficiency for local and international fintech companies while helping Oman identify and support promising innovations within an appropriate regulatory framework.