The Oman Chamber of Commerce and Industry (OCCI) is showing great interest in addressing the challenges hindering the development of fintech solutions necessary to support the growth of the digital economy. Fintech has the potential to fuel the growth of finance, trade, industry, banking, insurance, and other sectors, thereby improving the business environment.
To this end, there is continuous coordination between the specialized committees in the OCCI to identify existing challenges in fintech adoption, assess the general public’s awareness of the services provided by this technology, and determine the need for updated regulations and legislation to support the sector's growth. The Chamber is also focused on studying current practices in the insurance, investment, finance, and risk assessment sectors to ensure they keep pace with technological advancements.
Recently, the Chamber has worked to foster cooperation with other relevant parties to benefit from international experiences and activate the "offset" system. This aims to deepen mutual benefits from major international companies in the context of significant global growth in the financial technology sector. The goal is to open development and improvement opportunities for operating Omani companies in these areas, provide more financial products through fintech, and enhance financial inclusion in the knowledge economy.
The Chamber has presented these ideas and initiatives on several occasions to encourage more entrepreneurs and merchants to establish projects based on these technologies, thereby achieving growth and enhancing their added value in the national economy. It has also studied the legislative structure related to the digital economy, promoted investment in it, and focused on capacity building and skills development.
OCCI participates in many events, including international exhibitions, and directs trade delegations to institutions with a long history in these fields. Recently, a delegation from the OCCI visited Singapore to meet with institutions that could collaborate on commercial projects in areas of interest related to technology and artificial intelligence.
The Chamber also had a significant presence at the Financial Technology Conference at the COMEX International Technology Exhibition 2024. This event aimed to enhance ideas, enable and strengthen areas of financial technology (FinTech), establish a digital financial environment in the country, and apply innovative solutions in these businesses and areas, including artificial intelligence. These events are crucial drivers of economic growth in the country by providing innovative and effective financial services, delivering them to a large segment of consumers and companies, and accelerating the provision of new financial products and services. This will lead to change and strengthen interests in the financial sector among Omani entrepreneurs and other commercial entities.
These efforts will inevitably improve the business environment in the country and contribute to the economic diversification efforts that the government aims to achieve through the Oman Economic Vision 2040. This will strengthen the legislative structure related to the digital economy and enhance coordination with banking and financial institutions in presenting various initiatives in the fields of financial technology and developing innovative solutions in these areas.
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