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Marking a significant milestone in the Sultanate’s digital payments sector, Thawani Technologies and BankDhofar have signed a strategic partnership agreement. Under the unique partnership, the bank will provide Thawani with a supporting platform to maintain, execute and provide digital payment services to the market. It’s the first such partnership in the country, following the Omani start-up’s recently-granted independent financial license from the Central Bank of Oman. Combining BankDhofar’s infrastructure and experience with Thawani’s innovative and flexible solutions, the relationship is geared for the increasing demand for electronic and contactless services, meeting the needs of Oman’s rapidly evolving payments sector.

Majid Al Amri, CEO of Thawani, said, “We are excited to be embarking on this venture with BankDhofar, as one of the fastest growing financial services institutions in the Sultanate and a huge proponent for digital payments. Such relationships show that the private sector and the SME market are gaining confidence in young, Omani entrepreneurs and recognising their role in Oman’s digital transformation. At Thawani, our aim is to provide innovative products that are the best and fastest in the market, while meeting the needs of Oman’s increasingly digitally savvy population. With BankDhofar’s support, we are ready and equipped to reach the next level of smart payments.”

“We are delighted to be starting a long-term partnership with Thawani. By bringing together the outstanding capabilities of both companies, we expect to delight the market by launching a range of exciting, innovative and accessible electronic payment services”, said Dr. Tariq Taha, Chief Retail Banking Officer at BankDhofar. “Both parties are committed to working closely together and look forward to meeting and indeed exceeding our customers’ requirements.” “This initiative is yet another step in the bank’s transformation of digital payments in the Sultanate”, he added.

CBO, as the custodian of Oman’s payment systems infrastructure, has adopted a strategically systematic approach to taking the country’s financial technology capabilities to the next level. In 2017 a mobile payment clearing system was launched enabling beneficiary companies to make payments and transfer funds simultaneously through a mobile phone number. The following year the National Payment Systems Law was issued, further strengthening the legal framework for payment systems.

Being the first PSP in Oman, Thawani has allowed for safer and quicker cashless mobile payment solutions to merchants, individual merchants and users alike. Established in 2016, its system has been fully built in-country and developed in accordance with the highest international standards of online security. A local start-up with over 88% Omani employees today, in just a few short years it has become the leading platform for e-transactions and payments set-up. Thawani is currently accepted at more than 1000 touch points around Oman. Bringing the next generation of e-payment solutions to the local market, its clients include the likes of Oman Oil Marketing Company, and Haya Water Company, to name a few. The company also offers smart services retail and bill payments, payment of tuition fees, and social insurance. Following the recent achievements on its journey, Thawani is calling its stakeholders to stay tuned for new innovative products and features that will be released soon.

This initiative is part of the ongoing transformation plan of BankDhofar, which is putting digital technology and innovation at the centre of its strategy. BankDhofar is one of the best banks in the region, catering to customers’ needs and requirements, and setting the standard for best customer experience within the banking industry in the Sultanate through innovative products and creative solutions. Following best international banking practices, provision of outstanding customer experience, in addition to its commitment to community development and contribution to the growth of the national economy, has placed BankDhofar at the top of the list of best banks in the region.

For more information on Thawani’s products and services, visit www.thawani.om