In a strategic move to further boost the Fintech landscape in the Sultanate of Oman and contribute to the nation’s digitalization agenda, Bank Nizwa, the leading and most trusted Islamic bank in the country, has signed two Digital Partnerships with Omantel and Oman Data Park (ODP).
According to Industrial sources, these partnerships, have been established during the recently held COMEX 2024 and the New Age Banking Summit 2024, respectively, to display Bank Nizwa’s commitment to advancing Islamic Fintech solutions while simultaneously triggering digital transformation across the local financial sector.
Mr. Khalid Al Kayed, Chief Executive Officer at Bank Nizwa, signed the agreements on behalf of the bank, while Sheikh Talal Said Al Mamari, Omantel’s Chief Executive Officer, and Eng. Maqbool Al Wahibi, Chief Executive Officer of ODP, represented their respective organizations.
According to Industry sources, this partnership with Omantel is focused to integrating banking services into Omantel’s mobile network, thereby enriching customer experiences with value-added financial services and open banking initiatives through Omani Fintechs. Moreover, it emphasizes leveraging cloud services to optimize expenditure, enhance operational efficiency, and bolster cybersecurity measures. Meanwhile, the collaboration with ODP aims to identify and capitalize on opportunities for developing and utilizing cutting-edge infrastructure and mobile telecommunications solutions to support Bank Nizwa’s projects, operations, and associated personnel.
Commenting on the signing of the agreements, Mr. Khaled Al Kayed stated, “Amidst today’s digital revolution, Bank Nizwa stands as a vanguard of innovation, continually harnessing modern advancements in both IT and telecommunications. Our digital partnerships with Omantel and Oman Data Park signal a new chapter of collaboration, poised to propel growth within the Islamic Fintech domain. These alliances hold immense significance not only for our institution but also for the broader Islamic Fintech landscape. By leveraging our collective expertise, we aim to tap into new demographics, drive cost efficiencies, and pioneer the development of ground-breaking products and services.”
Industry sources further added that Bank Nizwa’s partnership with Omantel forms a robust nexus between Islamic banking and telecommunications. With mobile banking integration, clients gain direct access to financial services via Omantel’s mobile network, boosting convenience and accessibility. Through the Mobile Wallet, Bank Nizwa leverages Omantel’s infrastructure to ensure secure transactions, while value-added services like mobile takaful and micro-financing further help enrich customer offerings. Furthermore, cross-promotion and loyalty programs are geared at fostering engagement and a sense of community.
