CBO and Omantel Sign MoU to offer fintech accelerator programme

Muscat: The Central Bank of Oman (CBO) signed a Memorandum of Understanding (MoU) with Oman Telecommunications Company (Omantel) at Omantel headquarters to conduct an accelerator programme to enable fintech startups in the Sultanate of Oman.

Signed by Tahir bin Salim Al Amri, CBO’s Executive President, and Talal bin Said Al Mamari, Omantel’s CEO, this MoU comes in light of CBO’s Oman Fintech Framework and Roadmap that aims at establishing a comprehensive and nurturing fintech ecosystem in Oman that supports and promotes fintech start-ups, small & medium enterprise (SMEs), banks and technology firms.

The partnership brings together the expertise and shared vision of the CBO and Omantel to support local fintech start-ups in Oman. Starting on November 14th, the six-month accelerator programme will support innovative fintech start-ups through the challenges of the highly competitive fintech industry by utilising mentorship, training, networking and fundraising support.

Tahir Al Amri said, “Fintech is vital to the future of the Sultanate of Oman's financial sector, and we are committed to supporting fintech start-ups in the country. This program is one of the manifestations of that mission. We are delighted to be working with Omantel to provide strategic direction and regulatory advice to local fintech start-ups.”

Talal Al Mamari, CEO of Omantel, said, “We are excited for this partnership with the CBO which leverages our shared vision and strengths to contribute to the growth of fintech start-ups in the country. We are committed to leading digital transformation in Oman and to creating meaningful opportunities for local start-ups to develop and thrive, and we strongly believe that our collaboration with the CBO in this area will be a game changer for the country’s fintech sector.”