MUSCAT: In line with its pioneering role in providing state-of-the-art banking services and solutions to the government and private sectors and to comply with the mandate issued by the Central Bank of Oman in collaboration with the Ministry of Finance and Ministry of Labour for secure salary and bulk payments processing, Bank Muscat has signed agreements with a number of higher educational institutions in the Sultanate. The agreements with the Sultan Qaboos University, the University of Technology and Applied Sciences, College of Sharia Sciences and the College of Banking and Financial Studies will provide them access to the bank’s digital banking services. This will allow these institutions to easily make and approve online transactions, thereby saving the time and effort of their employees and increasing operational efficiencies. 

This move to digitalisation is in line with the goals of Oman Vision 2040 including the building of a diversified, dynamic, globally interactive and competitive economy that meets the present and future needs of the locals, in which the private sector has a prominent role. Digitalisation of banking services and solutions will help all sectors of the economy to be highly competitive and ensure continued economic growth in the next phase of Oman’s Renaissance.

Speaking on the occasion, Tariq Atiq, Deputy General Manager, Transaction and Public Sector Banking, Bank Muscat, said: “We are pleased to strengthen our partnership with leading educational institutions across the Sultanate and link them to the state-of-the-art digital banking system offered by the bank. We hope that this partnership will raise streamline business transactions and raise the operational efficiencies of these institutions. We thank all our partners for their confidence in the bank’s services and facilities and recommend that they start using secure methods like the Corporate Internet Banking platform for transferring salaries and making all recurring payments ahead of the extended 28 February 2020 deadline for banks to stop accepting insecure payment methods.”

On his part, Mohammed Bin Ali Al Nahawi, Director, Financial Affairs Department, Sultan Qaboos University, said that the agreement would further strengthen existing relations with Bank Muscat and enable prompt and quick processing of financial transactions. He expressed his happiness in getting access to various cutting-edge digital banking facilities provided by the bank.

Dr. Ali Saif Al Harthy, Dean of the Higher College of Technology at the University of Technology and Applied Sciences said: “We are pleased to announce this agreement with the leading bank in the Sultanate to strengthen our existing partnership. The Higher College of Technology – University of Technology and Applied Sciences will greatly benefit from this digital banking system, which will simplify salary transfer procedures and improve the quality of service and raise the efficiency of our employees in conducting different transactions.”

Dr. Abdullah Bin Muslim Al-Hashmi, Dean, College of Sharia Sciences, said: “In line with the government’s vision of digitally transforming Oman through digital transactions, the College of Sharia Sciences has joined Bank Muscat’s e-payments system. The bank provided excellent support in launching the system and explaining its features. One of the main advantages is the speed of transactions and reduction in human and financial costs associated with these transactions.”

Anis Bin Moosa Al Lawati, Acting Dean, College of Banking and Financial Studies, said that this agreement would enhance the existing cooperation between the college and the bank, and improve the services provided to its customers. He added that the online payments system provided by Bank Muscat will lead to further evolution in the level of electronic services in the country. He conveyed his appreciation to Bank Muscat for helping college employees complete their work faster and with highest standards of quality and transparency.

A large number of agreements have been signed by the bank with organisations of all sizes for provision of digital banking services. It is particularly important to note that from being just a theoretical case, innovation in digital banking is now bringing practical efficiency in the processes, operations and workflow of institutions across Oman. Educational institutions now have complete visibility and control of their transactions with payments and monthly payrolls being done easily through the Corporate Online Banking platform as per their needs.