The Central Bank of Oman (CBO) has issued instructions to all Banks and other licensed institutions on Digital Onboarding and Electronic KYC allowing them to digitally onboard new customers and provide access to financial services.
This aims to reform the way customer verification and onboarding process is done by financial institutions and individuals will be able to open bank accounts and access financial services remotely, securely, and efficiently.
This is a very important milestone and a key part of CBO's initiatives for digital transformation in the banking and financial sector demonstrating its commitment to leveraging technology for financial inclusion, enhancing customer experience, and ensuring the sector's security. These initiatives set the stage for a future where technology and finance converge to create a more prosperous and connected society.
Under the supervision of the Central Bank, a National Digital Onboarding Registry is developed by Oman Credit & Financial Information Centre (Mala'a), which will act as an independent and reliable data source for the institutions to verify information during digital onboarding.
The service extended by Mala'a will provide ease to institutions during verification, at the same time ensure authenticity, safety and confidentiality of customer information. Mala'a in a phased approach will extend this service to institutions coming under different regulatory bodies and government authorities.
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