Open banking set to revolutionise Oman's fintech landscape
Published: 03:05 PM,May 22,2024 | EDITED : 07:05 PM,May 22,2024
Open banking enables greater transparency, competition, and innovation. Image for illustration only.
MUSCAT, MAY 22
Open banking is set to revolutionise Oman's financial technology (fintech) sector, according to Mohammed al Wahaibi, the CEO of Al Jabr Mena, a venture capital and private equity firm specialising in startup development and corporate innovation.
In an exclusive interview with Oman Observer, Al Wahaibi discussed the profound impact open banking can have on the fintech ecosystem, the critical role of entrepreneurs, and the strategic initiatives fintech firms are undertaking to drive innovation and economic growth.
'Open banking can significantly transform Oman's fintech ecosystem by enabling greater transparency, competition, and innovation,' Al Wahaibi stated. By opening financial data to third-party developers, financial institutions can foster the creation of new products and services tailored to the needs of consumers and businesses. This will not only enhance customer experiences but also promote economic resilience by diversifying the financial sector.
Entrepreneurs are at the forefront of this transformation. They bring innovative solutions that address market gaps, improve customer experiences, and enhance financial inclusion. Leveraging open banking APIs, these entrepreneurs can develop seamless, integrated financial services that meet the evolving demands of consumers and businesses. 'Entrepreneurs play a crucial role in driving the growth of Oman's financial services sector, particularly within the framework of open banking,' Al Wahaibi emphasised.
Corporate leaders are pivotal in fostering a cohesive venture capital and entrepreneurial ecosystem in Oman.
'By collaborating with startups, investors, and other stakeholders, we can create a supportive environment that nurtures innovation and entrepreneurship,' Al Wahaibi explained. This collaboration includes mentorship, investment in early-stage startups, and facilitating access to markets and resources. Such efforts are vital in bridging the gap between innovative ideas and their execution, ultimately driving economic growth and diversification.
Open banking is also seen as essential for achieving the goals set forth in Oman Vision 2040. This initiative aims to promote financial inclusion, develop a knowledge-based economy, and encourage the adoption of digital technologies. 'By fostering innovation and competition in the financial sector, open banking can help Oman achieve its vision of a diversified and sustainable economy,' Al Wahaibi noted.
However, challenges remain. The venture capital landscape in Oman faces hurdles such as limited access to funding and a nascent startup ecosystem. To overcome these, Al Wahaibi outlined several strategies like enhancing access to capital to attract more local and international investors, strengthening the startup ecosystem through incubators, accelerators, and mentorship programmes, and advocating for supportive regulatory frameworks to encourage innovation and investment.
Al Jabr Mena is committed to fostering an innovative and inclusive financial future in Oman, the CEO said. This commitment is reflected in their initiatives, which include launching accelerator programmes for fintech startups, partnering with educational institutions to promote entrepreneurship and digital skills, investing in cutting-edge technologies and startups that drive financial inclusion, and advocating for policies that support the growth of the fintech sector.
Al Wahaibi envisions significant transformations in Oman's financial services landscape, driven by advancements in fintech and a shift towards digital transformation. 'We anticipate a shift towards more customer-centric financial solutions, enhanced by artificial intelligence, blockchain, and other emerging technologies,' he said. This evolution will result in greater efficiency, accessibility, and innovation in financial services, ultimately benefiting both consumers and businesses.
Open banking is set to revolutionise Oman's financial technology (fintech) sector, according to Mohammed al Wahaibi, the CEO of Al Jabr Mena, a venture capital and private equity firm specialising in startup development and corporate innovation.
In an exclusive interview with Oman Observer, Al Wahaibi discussed the profound impact open banking can have on the fintech ecosystem, the critical role of entrepreneurs, and the strategic initiatives fintech firms are undertaking to drive innovation and economic growth.
'Open banking can significantly transform Oman's fintech ecosystem by enabling greater transparency, competition, and innovation,' Al Wahaibi stated. By opening financial data to third-party developers, financial institutions can foster the creation of new products and services tailored to the needs of consumers and businesses. This will not only enhance customer experiences but also promote economic resilience by diversifying the financial sector.
Entrepreneurs are at the forefront of this transformation. They bring innovative solutions that address market gaps, improve customer experiences, and enhance financial inclusion. Leveraging open banking APIs, these entrepreneurs can develop seamless, integrated financial services that meet the evolving demands of consumers and businesses. 'Entrepreneurs play a crucial role in driving the growth of Oman's financial services sector, particularly within the framework of open banking,' Al Wahaibi emphasised.
Corporate leaders are pivotal in fostering a cohesive venture capital and entrepreneurial ecosystem in Oman.
'By collaborating with startups, investors, and other stakeholders, we can create a supportive environment that nurtures innovation and entrepreneurship,' Al Wahaibi explained. This collaboration includes mentorship, investment in early-stage startups, and facilitating access to markets and resources. Such efforts are vital in bridging the gap between innovative ideas and their execution, ultimately driving economic growth and diversification.
Open banking is also seen as essential for achieving the goals set forth in Oman Vision 2040. This initiative aims to promote financial inclusion, develop a knowledge-based economy, and encourage the adoption of digital technologies. 'By fostering innovation and competition in the financial sector, open banking can help Oman achieve its vision of a diversified and sustainable economy,' Al Wahaibi noted.
However, challenges remain. The venture capital landscape in Oman faces hurdles such as limited access to funding and a nascent startup ecosystem. To overcome these, Al Wahaibi outlined several strategies like enhancing access to capital to attract more local and international investors, strengthening the startup ecosystem through incubators, accelerators, and mentorship programmes, and advocating for supportive regulatory frameworks to encourage innovation and investment.
Al Jabr Mena is committed to fostering an innovative and inclusive financial future in Oman, the CEO said. This commitment is reflected in their initiatives, which include launching accelerator programmes for fintech startups, partnering with educational institutions to promote entrepreneurship and digital skills, investing in cutting-edge technologies and startups that drive financial inclusion, and advocating for policies that support the growth of the fintech sector.
Al Wahaibi envisions significant transformations in Oman's financial services landscape, driven by advancements in fintech and a shift towards digital transformation. 'We anticipate a shift towards more customer-centric financial solutions, enhanced by artificial intelligence, blockchain, and other emerging technologies,' he said. This evolution will result in greater efficiency, accessibility, and innovation in financial services, ultimately benefiting both consumers and businesses.