CBO Annual Meeting Focuses on Digital Transformation and Future of Banking in Oman

Oman, 9 December, 2024 : The Central Bank of Oman (CBO) held its annual meeting at the Royal Academy of Administration under the theme “Digitalizing Tomorrow in Muscat.” The event reviewed regulatory initiatives and explored the future of banking services in Oman.

CBO Executive President Tahir Salim Al Amri highlighted government initiatives to enhance financial sustainability, economic diversification, and support for the private sector. He commended efforts that led to Oman’s successful evaluation by the Financial Action Task Force on combating money laundering and terrorism financing.

The meeting noted growing investor confidence in Oman’s economy, reflected in the addition of four new banks and payment service providers, and improvements that upgraded the Sultanate’s sovereign credit rating.

Discussions included modernizing banking infrastructure through initiatives like digital onboarding via the “Know Your Customer” system, green financing strategies, and the introduction of the Gross Settlement System and IBAN.

A panel discussion with CEOs of banks and payment providers focused on navigating rapid changes, supporting financial innovation, and reshaping banking services in the digital era.