Innovation in finance: Estidama signs MoU with State Street
Published: 03:10 PM,Oct 16,2024 | EDITED : 06:10 PM,Oct 16,2024
This partnership aims to bring global financial expertise and solutions to enhance Oman’s financial infrastructure in line with Oman Vision 2040.
MUSCAT: The National Programme for Financial Sustainability and Financial Sector Development (Estidama), under the Ministry of Finance, has signed a memorandum of understanding (MoU) with State Street to promote innovation and growth in Oman’s financial sector. This partnership aims to bring global financial expertise and solutions to enhance Oman’s financial infrastructure in line with Oman Vision 2040.
The MoU, signed by Mahmoud bin Abdullah al Awini, Secretary General of the Ministry of Finance and General Supervisor of Estidama, and Oliver Berger, Executive Vice President of State Street, focuses on expanding the use of smart financial technologies and developing national skills through joint training programs. The agreement also promotes cooperation in sustainable green finance.
Al Awini noted that the MoU seeks to attract best practices and technical knowledge to raise the efficiency and competitiveness of the local financial sector. This partnership will also explore investment opportunities, attract international investors, and provide financial solutions to support both the financial and broader economic sectors.
State Street’s Executive Vice President Oliver Berger expressed enthusiasm about leveraging the company’s global expertise to support Estidama’s initiatives. He highlighted the value of knowledge exchange in fostering economic growth and achieving sustainable development goals in Oman.
Faisal bin Saud al Nabhani, State Street’s Regional President for Oman and Qatar, emphasized that the partnership with Oman’s government reflects a long-standing relationship of over 20 years. The recent opening of State Street’s office in Oman underscores its commitment to strengthening ties and supporting the country’s financial goals.
State Street, a global leader in financial services, provides advanced asset management, financial consulting, and data management solutions across more than 100 markets, making it a trusted partner for governments and institutions worldwide.
The MoU, signed by Mahmoud bin Abdullah al Awini, Secretary General of the Ministry of Finance and General Supervisor of Estidama, and Oliver Berger, Executive Vice President of State Street, focuses on expanding the use of smart financial technologies and developing national skills through joint training programs. The agreement also promotes cooperation in sustainable green finance.
Al Awini noted that the MoU seeks to attract best practices and technical knowledge to raise the efficiency and competitiveness of the local financial sector. This partnership will also explore investment opportunities, attract international investors, and provide financial solutions to support both the financial and broader economic sectors.
State Street’s Executive Vice President Oliver Berger expressed enthusiasm about leveraging the company’s global expertise to support Estidama’s initiatives. He highlighted the value of knowledge exchange in fostering economic growth and achieving sustainable development goals in Oman.
Faisal bin Saud al Nabhani, State Street’s Regional President for Oman and Qatar, emphasized that the partnership with Oman’s government reflects a long-standing relationship of over 20 years. The recent opening of State Street’s office in Oman underscores its commitment to strengthening ties and supporting the country’s financial goals.
State Street, a global leader in financial services, provides advanced asset management, financial consulting, and data management solutions across more than 100 markets, making it a trusted partner for governments and institutions worldwide.