5 startups selected for CBO’S Fintech Accelerator powered by Omantel

The Central Bank of Oman (CBO) and Omantel, the leading provider of integrated telecommunication services in the sultanate, have joined hands to deliver a six-month accelerator program dedicated to nurturing and empowering Fintech start-ups.

The accelerator program seeks to support innovative Fintech startups through the challenges of the highly competitive Fintech industry through mentorship, training, networking, and fundraising support.

The program targets promising, high-potential local start-ups with Fintech solutions in debtbased crowdfunding, buy now pay later, microfinancing and ROSCA system, a rotating savings and association system.

The five startups selected for the accelerator are Al-jumaeiah, an application that helps create, manage and organise different jamaeiahs (groups) on a single platform; Hal Capital, a Shariacompliant embedded Fintech offering alternative financing products and services to SMES and individuals; Tasheel Financial Solutions that provides financial ease to clients through a Buy Now Pay Later solution; Wadiaa, an equity-based crowdfunding and peer-to-peer lending solution for start-ups and SMES; and Zumr Fintech which provides micro financing opportunities by encouraging the habit of saving.

H H Sayyida Ghada al Said, senior manager, Omantel Innovation Labs, said “It has been a pleasure to work with the Central Bank of Oman to create a valuable Fintech program for the local startup ecosystem that combines the expertise of Omantel and CBO. The partnership leverages our shared vision and strengths to contribute to the growth of Fintech startups in the country and we look forward to doing our part in accelerating these promising start-ups.”

Ghada al Kharusi, acting manager at the innovation department of the Central Bank of Oman, said, “Fintech is vital to the future of Oman's financial sector, and we are committed to supporting Fintech startups in the country. We are delighted to be working with Omantel on this program that we believe will be a catalyst for accelerating Fintech startups in Oman.”

In addition to receiving free desk space at the Omantel Innovation Labs, a 1,100 sqm facility in the heart of the Omantel headquarters at Madinat Al Irfan, the selected startups will also gain access to a network of over 100,000 investors, corporates and mentors and will be eligible for perks.