Blogs

Technology and the 4th Industrial revolution technologies adapted today facilitate financial transactions such as online payments, bill payments, and daily money transactions. However, this revolution to digital requires establishing a legislative framework that regulates Fintech and supports companies in the sector, all while keeping users' info and data secure. The first instances of these regulations appeared in 2016, with the introduction of Thawani Technologies, a motivator for the development of regulatory updates in the current industry. Thawani is an Omani company that provides innovative fintech solutions and secure and smart payment methods. In 2016, the Central Bank of Oman launched the online payment getaway (OmanNet), which is the central payment gateway in Oman that provides safe and secure e-commerce transactions that are made through local debit cards and encourages merchants to opt for e- commerce services within a central framework applying the latest standards in the sector. In 2017, The Central Bank of Oman (CBO) launched the mobile payment clearing system MpClear to equip the market for the operation of fintech companies and provide convenient mobile money transfer mechanisms. Next off, in 2018, the Legal Framework of the National Payment Systems was issued to keep pace with the rapid development in the digital payment industry and ensure high-quality, safe, and secure payment services.   In 2020, The Central Bank of Oman (CBO) issued the first license to non-banking financial entities (FinTech companies) in favor of Thawani Technologies. This license enables FinTech companies to enter the market and expand their business in the industry. In the same year, CBO launched the Fintech Regulatory Sandbox, which allows Omani fintech companies to live test their products and services in a controlled regulatory environment and enables a dynamic evidence-based regulatory system that keeps abreast of the latest global trends in the banking and financial sector. These strategic initiatives and legislative updates promote innovation in the fintech industry, support its development, and maintain stability within the highest standards of security and quality.