Bank Muscat launches $100mn Fintech investment programme
Bank will partner with VC funds and invest in Fintech firms
Bank Muscat announced that the Central Bank of Oman (CBO) has approved the bank’s request to launch a US$100mn strategic Fintech investment programme.
Fintech refers to innovative application of technologies and new technology-enabled business models in the financial services industry. The investment programme is part of the bank’s strategic growth initiative, Bank Muscat said in a press statement.
Bank Muscat will partner with reputed venture capital (VC) funds to leverage their expertise and strength so as to create a high-quality pipeline for direct investments. The programme will target investments in Fintech companies.
Abdullah Zahran al Hinai, chief wholesale banking and strategic growth officer at Bank Muscat, said, “In line with our corporate vision ‘To serve you better, everyday’, the bank always focuses on adopting cutting edge technology to provide the ‘best in class’ services and offering innovative digital channels catering to all segments. Bank Muscat’s long-term commitment to innovation reflecting the latest technological trends in banking is endorsed with prestigious regional and global awards like the Best Consumer Digital Bank in Oman award by Global Finance.”
He said the strategic Fintech investment programme will add further momentum to the transfer of technology know-how and will help create Fintech partnerships and growth opportunities. “The programme is also expected to contribute to the wider financial services industry and the economy of the country. Fintech enhances financial inclusion for underserved segments of the economy, particularly for SMEs and personal banking clients. Bank Muscat’s efforts will greatly encourage the development of new skill-sets as well as the technical know-how of the Omani workforce.”
Bank Muscat is the largest financial institution in Oman and is an experienced institutional investor managing a sizeable proprietary portfolio invested in multiple asset classes across local and international markets.
The bank said that its strategic Fintech investment programme will benefit from bank’s investment expertise as well as first-hand knowledge on financial technologies and upcoming trends in financial services. Bank Muscat’s large customer base is an added lever for the bank to materialise Fintech partnerships.