Even though Fintech is not a new concept, it still needs clarification and networking so that Oman’s societies and business firms can grasp it clearly. Is FinTech optimism in Oman? What kind of values will the Fintech add in business and in economy of Oman? 

The world bank has published one of the Fintech reports from 1,385 firms worldwide in December 2020, which reveals some insightful statistics. According to the report, companies focused on digital asset exchanges, payments, savings, and wealth management saw gains of an average of 13%, but in some regions, such as the Middle East, the gains were 40%. 

In most countries in Europe, FinTech concepts and strategies are being developed. The Year 2020 was one of the most productive and profitable years for companies in Europe, such as Thought Machine, auxmoney, Checkout, Transferwise, and Bitpanda. In the aftermath of the pandemic, FinTech was seen as the best solution, as consumers utilized digital platforms to purchase services. There was a seismic shift here.

The real-time payment has become one of the consumers’ desires as well as an economic trend, the “ecosystem”. Companies are investing huge amounts in innovating FinTech for serving their clients to make good profits. The world of business is all about creativity and innovation. In the absence of innovation, the company will die. The “kodak” is one of those examples.   

By visiting the www.habito.com I have gained a better understanding of FinTech. I have been fascinated by Habito’s mission. It is so simple, by stating, that: “Our mission is to help people find home”. The Habito is a digital mortgage broker based in London which was launched in 2016 for the objective to “To end mortgage hell forever”. The value of the company is estimated between 168 and 252 million UK pounds. So, what does this company do? It helps homeowners to simplify their mortgage application process and promises, “No more paperwork, jargon or misinformation”. Conversation between buyers and sellers conducted virtually to eliminate paperwork and office visits.  After the UK entered lockdown in Spring 2020, the company’s business became its own. As a result of FinTech, Habito remained profitable, whereas other companies have left the market.  

A FinTech industry in Oman must be simple and easy for both parties, the buyer, and the seller. Today, most companies aim to make sure the words “Financial” and “Technology” are in people’s lips. FinTech in Oman should begin with the latest FinTech trends such as biometric advances – paying with your face, the ethics of artificial intelligence, and open banking.