News

HH Sayyid Bilarab bin Haitham al Said, visits Thawani Technologies

News HH Sayyid Bilarab bin Haitham al Said, visits Thawani Technologies HH Sayyid Bilarab bin Haitham Al Said, Honorary President of the Programme of Omani Promising Startups (POPS), visited “Thawani Technologies”, the first licensed financial technology company in the Sultanate of Oman. The visit comes as part of a series of visits aimed at motivating promising startups, understanding their aspirations, and enhancing their role in the national economy. During the visit, HH Sayyid Bilarab toured the facilities of “Thawani”, which was established in 2016 and has successfully introduced innovative payment solutions that meet local market demands while supporting national digital transformation efforts under Oman Vision 2040. The company showcased its key achievements in deploying advanced technologies, including smartphone solutions, facial and palm biometric payment systems, artificial intelligence (AI), deep learning, and secure payment cards. It also highlighted its notable local and international accomplishments, such as winning the Innovation Unit Award for Entrepreneurship in 2020 and the Best FinTech Company in the Middle East Award in 2024. During the meeting with HH Sayyid Bilarab, the company’s specialists presented their regional expansion plans, which include entering regional and international markets to strengthen the presence of Omani startups abroad. HH Sayyid Bilarab lauded the company’s successes in leveraging modern technologies to enhance digital payment and collection systems, emphasizing the importance of startups continuing to develop their capabilities and keeping pace with global innovations. Accompanying HH Sayyid Bilarab during the visit were Eng. Said bin Hamoud Al Maawali, Minister of Transport, Communications, and Information Technology; Dr. Saif bin Abdullah Al Haddabi, Undersecretary of the Ministry of Higher Education, Research, and Innovation for Research and Innovation; Eng. Said bin Abdullah Al Mantheri, CEO of Oman Information and Communications Technology Group (ITHCA); and members of the Supervisory Committee of the Programme of Omani Promising Startups (POPS).

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News

For the Second Consecutive Year, Thawani Technologies is Listed in Forbes’ Top 50 Fintech Companies in the Middle East, Advancing Four Ranks This Year

News For the Second Consecutive Year, Thawani Technologies is Listed in Forbes’ Top 50 Fintech Companies in the Middle East, Advancing Four Ranks This Year In a new achievement reflecting the continuous progress of the fintech sector in the Sultanate of Oman, Thawani Technologies has been listed for the second consecutive year in Forbes Middle East’s ranking of the Top 50 Fintech Companies in the Middle East for 2025. The company has made remarkable progress, advancing to rank 36, after being ranked 40 in 2024. The Forbes Middle East ranking is a key benchmark for evaluating the leading fintech companies in the region. It is based on multiple criteria, including funding value, digital transaction volume, app downloads, user activity, impact on consumers and businesses, geographic expansion, and growth rates. Eng. Majid Al Amri, CEO of Thawani Technologies, expressed his pride in this achievement, stating:“Our improved ranking in Forbes for the second consecutive year reflects our ongoing commitment to delivering innovative financial solutions that meet market needs and drive digital transformation in Oman. This achievement is not just for Thawani but for the entire fintech sector in the Sultanate. It is a testament to our ability to compete and excel at the regional level.” He added:“We remain committed to developing and delivering advanced digital financial solutions that enhance financial inclusion in Oman. This international recognition motivates us to continue innovating and expanding our services in alignment with Oman Vision 2040, which aims to build a diverse and advanced digital economy.” This accomplishment highlights Oman’s leading role in the fintech industry, as the country strives to foster innovation and develop digital infrastructure to support the national economy. Several initiatives have been launched to boost fintech, including: Developing a regulatory sandbox to support innovative financial products and services, Working on an open banking strategy and establishing a dedicated framework to enhance competition and innovation in financial services. These efforts aim to increase financial inclusion, improve service efficiency, and contribute to economic growth. This recognition is expected to attract more investments into the sector and strengthen Oman’s position as a regional fintech hub. Thawani Technologies continues its mission of providing cutting-edge digital financial solutions, leveraging advanced technologies to meet customer needs and promote financial inclusion in Oman. This achievement serves as additional motivation for the company to pursue innovation and expand its services in the future.

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News

Thawani Technologies continues to bring contactless pay to the forefront in Oman with Visa partnership

News Thawani Technologies continues to bring contactless pay to the forefront in Oman with Visa partnership Always at the forefront of providing innovative and customer-centric financial technology (Fintech) payment solutions, Thawani Technologies (Thawani Pay) has recently received license from Visa, a global leader in payments. The license allows Thawani to issue Visa Prepaid Card, which is going to offer a branded, convenient, and secure cardholder experience, including Thawani brand-associated exclusive benefits. By adding this value proposition to its existing portfolio of digital payment solutions, Thawani further revamps the payment ecosystem and facilitates financial inclusion. “We are proud to have successfully obtained this prestigious license from Visa, a renowned global leader in digital payments, enabling Thawani Pay to start issuing its own branded virtual and physical prepaid cards. This collaboration underscores our commitment to driving innovation and financial inclusion in Oman. We continue to disrupt the financial services landscape by providing customers with greater control and accessibility over their finances,” said Majid Al Amiri, Founder and Chief Executive Officer of Thawani Technologies in Oman. Manish Gautam, Visa’s Country Manager for Oman, said, “We are delighted to have Thawani Technology join our mission to empower more consumers with innovative, secure digital payment solutions. At Visa, we are committed to fostering an environment that promotes an inclusive digital economy in the Sultanate, and this partnership with Thawani Technologies is a significant move in that direction.” Founded in 2016, Thawani Technologies is an Omani company specialising in providing smart payment solutions while holding a global certificate in card security. Licensed by the Central Bank of Oman, the company has been providing innovative payment solutions in financial technology to expedite payments processes, improve user experiences, and make payments safer, faster, and easier. In addition to the basic payments system, Thawani Technologies provides innovative payment solutions to meet the needs and challenges institutions face. The company also provides services through its platform to pay bills, top-up credit, pay tuition fees, and social insurance. The company recently launched the updated version of its App, offering new products and significant improvements to its portfolio of services.

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News

Liva Insurance Partners with Thawani Pay to Provide Third Party Insurance to Thawani App Users

News Liva Insurance Partners with Thawani Pay to Provide Third Party Insurance to Thawani App Users  Liva Insurance, the leading insurance provider in the region, has partnered with Thawani Pay to provide elevated customer experiences. The partnership will involve launching third-party motor insurance product on the Thawani App, with plans to include comprehensive insurance offerings in the future. In an official ceremony held yesterday at the Liva Insurance Head Office, an agreement was signed by Hanaa Al Hinai, CEO of Liva Insurance, and Majid Al Amri, Founder & CEO of Thawani Pay, in the presence of key personnel from both parties. This collaboration underlies the shared commitment of both companies to harness technology to enhance the customer experience by setting new standards of accessibility and convenience in the insurance sector, paving the way for a more digitally enabled future. Speaking on the partnership, Hanaa Al Hinai, CEO of Liva Insurance said: “We aspire to become the most technologically adapt insurer, delivering unparalleled customer experiences and innovative products through cutting-edge digital solutions. Partnering with Thawani aligns perfectly with this goal, as they share our commitment to innovation and customer-centricity. We continuously strive to streamline and enhance the policy purchase process, offering customers a seamless and flexible experience.” Majid Al Amri, Founder & CEO of Thawani Pay, stated, “Thawani has been at the forefront of innovation in Oman, collaborating with industry leaders across sectors to enrich our platform and provide maximum value to our customers. With a significant market share in the insurance sector, Liva Insurance is poised to bring unparalleled benefits to our growing user base and enhance the digital adoption in the insurance sector. We are thrilled to announce this alliance with Liva Insurance, a leading insurer renowned for its multi-line insurance services, and we look forward to delivering exceptional value to our customers.” As per the agreement, Thawani customers can now easily obtain Third-Party motor insurance from Liva Insurance through Thawani Pay. The process is both fast and convenient, and can be completed in a few simple steps on the Thawani app. Both companies aim to provide digital solutions, facilitating the entire insurance transaction from the process to payment. Customers can conduct the transaction and pay via cards registered on the app or from their Thawani wallet, making the payment process smooth and hassle-free. With a focus on innovation and customer satisfaction, Liva Insurance offers a broad suite of digitally enabled, customizable solutions across all lines of insurance, underpinned by exceptional service. The company is dedicated to ensuring that customers are well prepared for the unexpected, offering tailored advice and protection across various insurance needs, because life’s better when you’re covered.

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News

Thawani ranks among 50 most powerful fintech firms in ME by Forbes

News Thawani ranks among 50 most powerful fintech firms in ME by Forbes Thawani Technologies, an Omani company specializing in providing innovative payment solutions, has been included in the Forbes Middle East Fintech 50 list.   The list features the top players that are revolutionizing the financial technology landscape, spanning digital payment companies, open banking platforms, and apps for investments, savings and lending.  Egypt is the most represented country with 13 companies, followed by the UAE and Saudi Arabia with 11 each. The only Omani company on the 2024 list, Thawani secured the 40th position.  Majid al Amri, founder and CEO of Thawani Technologies, stated that the company’s inclusion in the top 50 fintech list confirms its continuous efforts and dedication to developing financial technology services in Oman and the Middle East.  “It serves as a culmination of a successful journey as the first financial technology company in Oman to provide smart, innovative, easy and fast payment services in various financial sectors, serving both businesses and individuals, to ensure access to the largest number of beneficiaries of modern financial technologies,” he said.  Amri explained that the listing confirms the prominent role played by the company in driving digital transformation in financial services in the region, through its smart applications that facilitate financial transactions and provide secure and fast solutions for all users and merchants.  Thawani Technologies has become the leading electronic platform for completing financial transactions in Oman, in addition to obtaining the first license from Central Bank of Oman for payment services. It has contributed to shaping regulatory legislations for the financial technology sector in the sultanate, supporting and enabling startups and medium-sized companies to enter the financial technology sector.

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News

Oman Hockey and Thawani Unveil Groundbreaking Ticketing Platform

News Oman Hockey and Thawani Unveil Groundbreaking Ticketing Platform for FIH Hockey 5s World Cup and Olympic Qualifiers Oman Hockey is delighted to announce a brand new ticketing platform for the FIH Hockey 5s World Cup and the field hockey Olympic Qualifiers, scheduled for this January in Muscat. The collaboration with Thawani, sees Oman’s first-ever ticketing-specific website and this pioneering initiative marks a significant milestone for Oman. Developed by the innovative team at Thawani, the new ticketing platform promises to revolutionise the way fans engage with and attend events in Oman offering a convenient and efficient way for spectators to purchase tickets. Thawani, known for its innovative solutions in the digital payment landscape, brings its expertise to create a secure, user-friendly and efficient ticketing system. This collaboration underscores the commitment of both Oman Hockey and Thawani to elevate the sporting experience for fans and promote the growth of field hockey in Oman. “The collaboration between Oman Hockey and Thawani represents a major leap forward for the sports and events community in Oman. We are delighted to introduce Oman’s first ticketing-specific website which will used for the first time for the FIH Hockey 5s World Cup and the Olympic Qualifiers,” said Dr Marwan Al Juma, Chairman of Oman Hockey Association “We are proud to partner with Oman Hockey to launch this groundbreaking ticketing platform for the FIH Hockey 5s World Cup and Olympic Qualifiers. Thawani is committed to leveraging technology to enhance fan engagement and create unforgettable experiences.” Majid Alamri -Thawani CEO The FIH Hockey 5s World Cup, a first-ever event of its kind, will showcase Oman’s men’s and women’s national hockey teams as they compete on the international stage. The tournament is set to captivate audiences with thrilling matches and fierce competition as hockey comes to Oman this January with the Olympic Qualifiers also taking place.

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Blogs

The Impact of Fintech on Financial Well-being

Blogs The Impact of Fintech on Financial Well-being We all strive for economic growth and prosperity, from business owners to individuals. A stable financial status allows more extraordinary life experiences and accessibility to the modern lifestyle of travel, residence, and leisure without the stress of money challenges. Financial well-being is not necessarily translated to the amount of money a person obtains, but rather the freedom and security of spending money stress-free. Modern technologies such as Fintech came as the solution, facilitating our day-to-day routines: 1. Efficiency and Accessibility: Fintech cuts-short a several-step process to a button click. For example, a payment would require seven steps: 1. Getting out 2. Driving 3. Going to the nearest ATM 4. Getting out of the car 5. Inserting the card in machine 6. Entering password 7. Depositing or withdrawing money and more and more. Today, Fintech reduced all these steps in a click. 2. Trackers & Budgeting Tools: Fintech enables banks to provide tracking lists for their users to track their accounts and spending anywhere and anytime. In addition, this correspondence raises financial awareness as it allows for accurate information categorized into specific categories such as place, date, and amount deposited or deducted. 3. Automated Savings: Among Fintech's many applications, automated savings is one of its prominent. The modern lifestyle demands an increase in expenses. Fintech generated a solution of automating savings so that a decided amount is deducted every month as scheduled without having to think and do it every month. Savings are a significant source of financial stability for many as it gives a high degree of security. 4. Notification: Digital banks utilize push notifications and alerts to inform users of their activities and balances, which allows for greater transparency and tracking of their expenses and spending habits. 5. Progressive: Technology is set to achieve efficiency. Hence a person utilizing tech in bank applications, payments, money transfers, and debit card payments gives a notion of being up-to-date and modern, living an efficient day-to-day life, especially regarding finances. Financial technology can raise efficiency by reducing cost and time. It addresses the need for more security in carrying cash and transacting it hand in hand and accuracy in tracking incoming and outgoing finances. Fintech gives users a more precise look at spending habits, a knowledge that defines their future optimum decisions, and a life of comfort and luxury.

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Blogs

Financial Technology (FinTech):
Concept & Applications

Blogs Financial Technology (FinTech): Concept & Applications The world is witnessing tremendous progress in every aspect after the fourth industrial revolution, the engine of development and growth. This development affected the financial and banking sector by developing new technologies that facilitate money transactions and procedures. In addition, the covid-19 pandemic occurred and imposed new ways of dealing with everyday activities and transforming them digitally. This transformation included financial transactions and automated banking operations (online banking services, digital wallets, etc.) to meet customers’ expectations in terms of time, effort, and efficiency. We can define Financial Technology as the technological innovation in the financial sector that improves operational efficiency, lowers cost and saves time and effort. FinTech aims to increase financial inclusion by allowing everyone equal access to appropriate financial services. FinTech enhances financial capability by improving customer service، promoting economic diversification and institutions’ growth curve, opening cross-border opportunities, and reducing chances of fraud and manipulation. FinTech has four main applications, but those are on a constant journey of development to keep up with the latest updates in the industry. The first is digital banking services, which enable customers to view their money transactions online, pay their bills, and transfer money, among a few, as well as digital payment services such as those offered by Thawani, PayPal, and Apple Pay.   Second, applying FinTech in insurance services by utilizing digital applications to reach a larger customer base and communicate with current customers. This is done using technologies such as the Internet of Things (IoT) and Big Data to offer a customized customer experience according to their preferences and data. Root Insurance Co. and policy bazaar are leading companies in this field.  Third, Fintech is utilized in regulatory systems as banks benefit from technologies in managing compliance, conducting analysis, and financial risk management that tracks potential risks and takes necessary actions. Leading companies in this field are Truiloo and Fenergo.  The fourth application is lending money by simplifying and cutting down the process of raising funds and distributing them between investors and beneficiaries online. Examples of this are companies such as GoFundMe and Patreon, which provide new lending services as opposed to the traditional ways through banks.  In conclusion, the digital transformation of official services and transactions mainly aims to save time and effort, cut costs, improve operational efficiency, and ensure user satisfaction. Today, FinTech promises efficiency and innovation in a world of an ever-evolving reality.

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Blogs

Thawani: The Future Starts With Us

Blogs Thawani: The Future Starts With Us Today, life moves at a fast pace based on evolving technologies. The invention of the cell phones revolutionized our day-to-day activities, a tool that allows us to carry the world in our pockets. It became a connection, a communication, and a productivity tool, an essential part of modern life. This digital development influenced almost all daily tasks and simplified tasks, as small as buying your favorite perfume from an international store, donating to charities, signing off a deal, and making a transaction, through your phone with a click. The idea of having cash in our pockets all the time is a rare occurrence nowadays due to the emergence of credit cards. Swiping a credit card is more convenient than hustling to get cash; counting money and recounting the amount paid is lengthy. This is why a solution saving time and effort is much needed. Fintech came as a solution for modern societies; it impacted the financial sector greatly with the emergence of credit cards and online stores. It opened borders for customers to purchase products from around the globe without stepping on a plane. E-Payments have increased efficiency. It holds multiple advantages that make it the preferred option to consumers, as it achieves two essential factors: convenience and speed. Thawani was introduced to enhance Fintech in Oman, innovating secure E-payment methods that are easy and fast to use and raising community awareness of the sector and its prominent role in developing all other sectors. Since Thawani is a safe payment tool, efficient and convenient, it eases the completion of several financial transactions within seconds, protects private data, and achieves efficiency by cutting time and effort. Thawani app, one of the company’s products, innovates new solutions to make it easier for individuals and merchants to digitize their payments and review and archive them in one platform. Thawani helps users review monthly expenses, organize them according to needs, and keep track of the bills and payments in an easy, well-structured, and accurate platform.

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Blogs

Fintech Trends in 2023

Blogs Fintech Trends in 2023 One of the main reasons for the flourishing of Fintech today is the recent Technological revolution, but that is not all. When the financial crisis hit in 2008, most people lost faith in conventional banking services and transactions. Fintech today is known to be a reliable source of trust and transparency; most importantly, efficiency ensures a high-security level. Today, Fintech is constantly evolving to keep up and meet accelerating consumer needs.  With the mention of the global financial crisis in 2008, a new Fintech emerged as a result, known as RegTech, short for Regulatory Technology. It has become a prominent application in the Fintech sector today, as it ensures institutions' compliance, supervises procedures, and provides financial solutions and services using software and cloud-computing platforms.  RegTech tracks, monitors, and reports operations for banks and financial institutions. It is growing popular as it offers solutions for financial entities to automate compliance and response to local and international regulations.  Artificial intelligence, another example, offers the automation of high-value complex processes and algorithms that aid in developing financial software and enhancing automated interactions (chatbots). As a result, the operating costs of traditional banks are expected to decrease by 22% by 2030 with the increased reliance on AI. Alt Finance, short for alternative financing, is another Fintech example used today, which holds a promising outlook with an estimated value of $6.62 billion, expected to grow by 20% in 2023. Alt Finance is the idea of providing financial services developed outside the scope of conventional banking. Services such as lending or offering financial support outside traditional means and benefiting from Fintech at lower costs for various segments, from investors to beneficiaries. GoFundMe and Patreon are companies that are prominent in the Alt Finance sector.  Addressing how Fintech serves individuals in particular, BNPL appears at the forefront after digital payment. BNPL is a service of a post or delayed payment without interest. It is an acronym for (Buy Now Pay Later), and predictions indicate that this year this feature is not disappearing; in fact, it may be the landmark of 2023.   Predicting all Fintech trends in 2023 is not something that can be easily outlined. Updates in this field specifically are accelerating at the speed of light. However, according to the current data, indicators show excessive focus on AI and how it will be employed and adopted in many Fintech sectors as it brings high accuracy levels and efficiency and ensures a tremendous increase in productivity.

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