Summit discusses challenges and new innovative solutions in banking sector

MUSCAT: The reality and challenges of the banking sector in the Sultanate, as well as the latest trends and developments in the industry was discussed at the ‘New Age Banking Summit Oman’ discussed.

The opening ceremony was sponsored by Taher Salem Al Omari, CEO of the Central Bank of Oman (CBO), who talked about the success of the bank’s digital transformation, the continuity of banking work and expanding the use of digital channels such as the experience of ‘remote working’ during the COVID-19 pandemic.

In his speech, he reviewed the challenges that paved the way for new and innovative opportunities and solutions for the banking work, in addition to the steps taken in a bid to overcome challenges during the pandemic.

The conference included several working papers on changing the landscape of financial services due to rapidly altering market dynamics, driving digital transformation to meet evolving customer needs, business sustainability and financial inclusion, developing an ecosystem of partnerships for collaboration between banks and fintech, and issuing regulatory reforms for survival and market competitiveness.

The summit also included working papers under the titles ‘HPC and AI as a Service for Banking and Fintech,’ ‘Rethinking the Future of Islamic Banking,’ ‘Digitisation of Payments in Oman,’ ‘Accelerating Intelligent Automation in Financial Services,’ and ‘Business Payments Made Easy Solutions.’

The conference included a panel discussion on driving innovation and transformation in financial services.

Meanwhile, a number of banking institutions in the Sultanate were honoured on the sidelines of the conference. This honouring comes in recognition for their sincere work and electronic services provided to the public.