Category: Blogs

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.

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.

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.

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.

Blogs Thawani & Fintech Regulations in Oman 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.