Latest news with #AbdullahbinSalemalSalmi
Observer
29-05-2025
- Business
- Observer
Dialogue session calls for supporting SMEs financially
MUSCAT: The Small and Medium Enterprises Development Authority (SMEDA) held its thirteenth dialogue session on enhancing opportunities for small and medium enterprises (SMEs) in the financial services sector. Abdullah bin Salem al Salmi, Chairman of the Financial Services Authority, presided over the event. As part of the authority's efforts to partner and integrate with relevant entities and improve the business environment and its attractiveness to SMEs, a dialogue session was held on the financial services sector and related activities. Al Salmi said: "It is very important to have dialogue and consultation between institutions and beneficiaries of these sessions. We heard many challenges, questions and inquiries from entrepreneurs, many of which are solvable and we encourage entrepreneurs to participate in such sessions. Among the issues we addressed were that SMEs need funding, support and assistance in matters related to managing the enterprises until they reach a level that enables them to survive during the first three or four years. They require attention from all of us, to help and embrace them so that they can continue in their business." The session aimed to boost the role of SMEs in developing financial services by presenting innovative ideas and improving operational efficiency, encouraging government and private partnerships and cooperation with SMEs, and raising awareness of the importance of the sector as a vital component of supporting the national economy. The session included several topics, including policies, legislation, licences and enablers that support SMEs in developing innovative solutions and partnerships in the financial services sector. Financial support is one of the most important factors for the success of SMEs and startups. Recent efforts have contributed to providing various support factors for the growth of entrepreneurial activities. According to the authority's latest statistics, there are 150,601 SMEs registered in the authority's database, including 131,315 micro-enterprises, 18,222 small enterprises, and 1,064 medium enterprises. Of these, 27,724 have obtained an Entrepreneurship Card.
Observer
20-04-2025
- Health
- Observer
National health insurance goes digital with ‘Dhamani'
MUSCAT, APRIL 20 Oman marked the official launch of the national health insurance platform "Dhamani", a milestone accomplishment in the modernization of the nation's healthcare and insurance industries. Announced by the Financial Services Authority (FSA), the platform is technically and legislatively complete, offering integrated digital services to regulate the health insurance market. "Dhamani" facilitates seamless data and claim exchanges between insurance companies and private healthcare providers, besides creating unified medical records accessible by policyholders across private institutions. Shaikh Abdullah bin Salem al Salmi, CEO of the FSA, stated that the platform was a "qualitative leap" for Oman's insurance market, in alignment with Oman Vision 2040 agenda to promote digital infrastructure and increase access to essential services. During its trial phase, "Dhamani" settled nearly three million transactions during the first quarter of 2025, with 33 private hospitals and three health complexes already linked. All the insurance companies that are licensed are now part of the system, prior to full operational rollout across the remaining private clinics and healthcare facilities. FSA Insurance Sector Vice President Ahmed bin Ali al Maamari said: "The recently launched "Dhamani" health insurance platform will significantly enhance the level of health care services in the Sultanate. Through the platform's streamlining of the approval process for treatment requests and enabling of electronic payment between hospitals and insurance companies, the Sultanate's policyholders will be in a position to obtain faster, more reliable services," he stated. "All 33 private hospitals licensed by the Ministry of Health are now fully integrated into the system. Authorities confirmed that efforts are underway to continue expanding the platform's reach by including health centres, clinics, and pharmacies, increasing supervision and the overall experience of healthcare in the private sector," Al Maamari added The system also promises the possibility of faster settlement of claims to private hospitals, better fraud detection, and access to a centralized database of diagnoses and treatments—vital tools for regulatory control and healthcare planning. It employs cutting-edge medical coding systems and cybersecurity protocols, with secure and efficient transmission of information. With more than 650,000 policyholders covered at present and an average of 40,000 transactions occurring daily, "Dhamani" is expected to simplify administrative procedures, reduce healthcare costs, and improve overall service delivery. The FSA developed the platform in coordination with the major stakeholders like the Ministry of Health, Ministry of Labour, and Invest Easy. This digitalization is backed by new legislation, like Regulation No. 83/2023, which governs electronic integration in the insurance sector. The FSA has amended the legal framework to provide rights, enforce compliance, and permit faster, tech-enabled registration, claims, and reimbursements. By bridging gaps in the current system and providing one digital backbone, "Dhamani" is a beacon of innovation—a single system that will enhance transparency, improve efficiency, and render Oman's healthcare system more accessible and sustainable for generations to come.
Observer
01-03-2025
- Business
- Observer
FSA launches digital remote trading platforms
MUSCAT, MARCH 1 As part of its continuous efforts to enhance financial inclusion by facilitating access to financial services in the Omani capital market, the Financial Services Authority (FSA) has launched digital remote trading platforms for licensed brokerage firms. These platforms will serve as unified and integrated digital stations within each brokerage firm, streamlining investment processes in the capital market and making investments faster and more efficient. This initiative is expected to boost trading activity in the Muscat Stock Exchange, aligning with modern financial market regulations and adopting a methodology that enhances service quality, ensures data protection, and ultimately strengthens investor confidence. Speaking exclusively to the Observer, Shaikh Abdullah bin Salem al Salmi, FSA Executive President, highlighted that the newly launched digital platforms will significantly ease market access for investors. Previously, challenges such as the necessity for personal connections could impede entry. The launch event, organised by the Authority, was also attended by senior officials from capital market institutions in Oman. The event celebrated the launch of five digital platforms owned by Ubhar Financial Investments, United Securities, International Securities, Jabal Asset Management, and CFI Financial. This initiative was carried out in collaboration with key stakeholders, including the National Programme for Financial Sustainability and Sector Development (Istidama), the Muscat Stock Exchange, Muscat Clearing and Depository Company, and the Oman Credit and Financial Information Center (Mala'a). In his opening speech, the FSA Chairman stated, 'The announcement of these platforms marks a significant milestone and adds great value. It will facilitate access for individuals and institutions, regardless of the size of their investment portfolios, to the necessary services and procedures for entering the investment world in the Omani capital market through a unified and integrated station. This will help attract investments and enhance trading activity efficiently and effectively.' Al Salmi explained that these digital platforms will serve as gateways for investment in the securities market, specifically in the Muscat Stock Exchange. Investors will be able to complete their investment procedures seamlessly by selecting the digital platform of a licensed brokerage firm. Through the platform, they can open an investor account, as it is directly linked to the systems of the Muscat Clearing and Depository Company. Additionally, the platform will automatically provide investor data by integrating with the Oman Credit and Financial Information Center (Mala'a). These platforms will provide investors with a range of features designed to streamline the trading process. Investors will be able to book shares and other securities, ensuring they can secure their desired investments efficiently. They will also have the ability to place buy and sell orders seamlessly, facilitating smooth transactions within the market. Additionally, the platforms will enable secure financial transfers between investors' bank accounts, investment portfolios, and the Muscat Clearing and Depository Company. This ensures that funds are properly allocated for purchases and, conversely, that proceeds from securities sales are seamlessly transferred back to investors' accounts. Al Salmi further emphasised that all licensed brokerage firms must complete the readiness of their electronic platforms by 2025 to ensure a comprehensive digital transformation in the Omani capital market. He highlighted that electronic integration among relevant institutions will facilitate this transition for brokerage firms. He also stressed that this initiative is not just a response to market demands but a necessity to strengthen investor confidence and attract new capital, positioning Oman as a competitive and advanced financial hub. 'Digital transformation is no longer an option; it has become essential for developing financial markets and enhancing competitiveness in the global investment landscape.' The Authority's commitment to providing digital platforms to facilitate investment procedures aligns with one of its key strategic objectives—enhancing the performance of the capital market. This contributes to the priorities of Oman Vision 2040, which focuses on economic diversification, financial sustainability, innovation, and digital transformation.
