11 new financial institutions licensed in Oman last year
As many as 1,020 applications were received during the course of the year, seeking licenses and approvals for new financial institutions, establishments and branches, new products and services, and other licensing-related matters.
The 81 per cent jump in requests can be attributed to the growth of financial institutions established, as well as the expansion of existing institutions, the Central Bank noted in a report on licensing statistics for 2024.
'This positive trend reflects the strengthening of Oman's financial sector, driven by favorable economic conditions, regulatory enhancements, and an overall increase in investor confidence. Additionally, the introduction of new financial products and services has further fueled the demand for licenses/approvals, contributing to the overall rise in requests/applications,' the Central Bank stated.
Of the 11 financial institutions that received licenses were three foreign banks looking to establish branches in Oman. They are Gulf International Bank, HSBC Middle East, and Mashreq Bank.
Additionally, one local investment bank was also established. 'Oman Investment Bank holds a prominent position as the first investment bank to be established in the country, offering a wide range of services such as corporate banking, asset management, and financial advisory. This establishment helps further diversify the banking sector, contributing to Oman's economic growth and financial stability,' the Central Bank noted. It add that two other applications are on hold, pending the completion of regulatory and procedural steps by the applicants.
Of the remaining 7 successful applications, one – First Exchange LCC – received a license to operate as a Money Exchange Entity (MEE). Six others – Amwal Al Raqamia, Ooredoo Fintech, ONEIC Pay, Global Pay, OIFC (Khidmah) and FriendiPay – received licenses to operate as Payment Service Providers.
In addition, Ahli Bank was given approval to open an overseas branch in the United Kingdom, while Bank Nizwa received the green light to open an overseas branch in Dubai International Financial Center.
Hundreds of official requests were also received from commercial banks, as well as Money Exchange Entities, Finance & Leasing Companies, and Payment Service Providers, according to the report.
'The increase in requests across all categories — especially from banks and MEEs — reflects the growing demand for licensing and regulatory support as the financial sector in Oman continues to evolve. Compared to 2023, this upward trend can be attributed to several factors, including the expansion of financial services, the introduction of new regulatory frameworks, and the increasing complexity of the sector.
This distribution highlights the varied needs of our stakeholders and underscores the CBO's ongoing efforts to manage and address the increasing volume and complexity of requests efficiently,' the Central Bank stated in its report.
Affirming its commitment to transparency in application processing and approvals, the apex bank also announced the launch of a system to automate the branch licensing process for all financial institutions, including the issuance of certificates. 'The system is designed to replace the current manual process. It is currently in its final stages (testing phase) and is projected to go live by 2025,' it added.
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
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