Bank Muscat wins Best Trade Finance Provider in Oman award
MUSCAT: Bank Muscat, the flagship financial services provider in the Sultanate, has won the ‘Best Trade Finance Provider in Oman’ award by Deutsche Bank.
The bank won two awards for its Global Trade Services and Global Financial Institutions departments in recognition of the solid trade finance relationship between the two banks in 2017.
Bank Muscat is reckoned among the forerunners in trade finance services across the region.
The Global Trade Services (GTS) team at Bank Muscat blends traditional financial solutions with tailor-made packages for operations, ensuring prompt payments, managing liquidity and minimising exchange rate risk.
To meet the challenging demands of exporters, importers and local traders, Bank Muscat offers customised solutions with its strong global network.
Bank Muscat issues Letters of Credit, various types of Guarantees and Standby LCS as also financing to exporters and importers.
Bank Muscat offers a digital transaction banking platform to take care of all requirements of corporates, helping organisations to efficiently perform daily operations and take informative strategic decisions to grow their business.
The platform allows corporates to handle receivables and payments requirements, connect with vendors and provide easier payment solutions to customers.
The platform provides a range of solutions in trade supply chain and financing, domestic/export factoring, liquidity and treasury, MIS and reporting requirement, facilitating straight-through processing and reconciliation.
Bank Muscat Global Financial Institutions department (GFI) is one of the foremost FI teams in the GCC region, and has established an extensive network of more than 500 correspondent banking relationships across the world.
The GFI department provides international trade finance and lending solutions to the bank’s institutional clients in both developed and emerging markets, making it a leading market player in the region.
During the year, the GFI spearheaded support to large-scale infrastructure projects across Bank Muscat’s regional branch network through the issuance of project guarantees.
The bank’s GFI and Compliance functions work closely in ensuring that the bank is a regional leader in implementing enhanced know your customer (KYC) and anti-money laundering (AML) procedures to monitor the trade and payment flows.
Bank Muscat benchmarks itself with global banks in this respect and thus offers its correspondent banks assurance about the bank’s processes.
In line with the bank’s values and philosophy, the GFI continues to innovate and collaborate with all stakeholders to deliver optimal international banking solutions.