Muscat, May 27
The Central Bank of Oman (CBO) is participating with an exclusive pavilion at COMEX 2024, which is being held at the Oman Convention and Exhibition Centre from May 27 to 30, 2024.
This participation comes in line with the CBO's efforts to shed light on the latest technological applications in the banking and financial sector and to reinforce the Sultanate of Oman's position as a leading regional centre for innovation in the field of financial services.
Rawan al Kiyumi, innovation Assistant at the CBO's Innovation Department, said that the CBO is showcasing a range of innovative services at its pavilion that contribute to enhancing the ease and efficiency of banking and financial services.
These services include a card tokenisation service, which allows users to activate local and international electronic payment applications, such as Apple Pay and Samsung Pay, on their smart devices, facilitating the payment process and providing a seamless user experience.
Additionally, the 'Buy Now, Pay Later' service offers consumers the flexibility to purchase goods and services and pay for them in instalments over comfortable periods, enhancing consumer purchasing power and supporting commercial activity in the Sultanate of Oman. The International Bank Account Number (IBAN) service provides a unique number for every bank account in the Sultanate of Oman, simplifying international financial transactions and enhancing transparency in the financial system.
Rawan al Kiyumi said the bank is also participating in several accompanying tracks, including the 'Innovative Financial Products and Services' startup competition and networking events aimed at addressing the challenges in the financial sector.
"These events provide a regulated environment for fintech startups to interact with investors and banks that can offer facilities to achieve their business goals. Additionally, the events aim to enhance cooperation opportunities between banks and startups, build long-term relationships, and facilitate knowledge exchange and skill development for fintech startups," Al Kiyumi said.
The Central Bank of Oman is also participating in the Fintech Conference track, which provides a dynamic platform for fintech industry professionals to network, exchange knowledge and showcase innovations.
The bank is also participating in several awareness sessions on the latest trends, best practices and regulatory developments, including an Anti-Money Laundering (AML) workshop to raise awareness of the risks associated with money laundering and terrorist financing in indirect transactions.
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