Muscat: The Central Bank of Oman (CBO) has issued the primary license to non-bank monetary entities (Fintech firms) in favour of Thawani Applied sciences for complying with all regulatory necessities.
The license is a elementary step in direction of attaining Oman’s imaginative and prescient to nurture and allow Fintech firms to supply acceptable, reasonably priced, accessible and obtainable companies to the nation.
Majid Al Amri, CEO of Thawani, mentioned, “Thawani aims to become a catalyst for innovation by providing better payment solutions to merchants and users alike. This licence is key to our growth trajectory as it will allow us to expand our competitive product portfolio and create value for our users. CBO’s trust in our technological capabilities will further drive our commitment to reach new horizons in-par with global developments and innovations in the field of modern payment systems.”
CBO, because the custodian of Oman’s cost techniques infrastructure, adopted a strategically systematic strategy to taking the nation’s monetary expertise capabilities to the following stage. In 2017 a cellular cost clearing system was launched enabling beneficiary firms to make funds and switch funds concurrently by means of a cell phone quantity. Whereas in 2018 the Nationwide Cost Methods Legislation was issued additional strengthening the authorized framework for cost techniques.
An Omani start-up, Thawani was established in 2016, permitting safer and faster cashless cellular cost options to retailers, particular person consumers and patrons alike. An internationally-certified firm in card securities, it has turn into the main platform for e-transactions and funds set-up, bringing the following technology of e-payment options to the native market in just some quick years. Right now, Thawani is poised to launch new and unprecedented merchandise and options as Oman’s funds infrastructure continues to race ahead, notably in mild of the COVID-19 pandemic. Its rising record of shoppers contains nation-wide service suppliers reminiscent of Oman Oil Advertising and marketing Firm, and Haya Water Firm, to call a number of. The corporate additionally provides sensible companies retail and invoice funds, and cost of tuition charges, and social insurance coverage.