Central Bank of Oman & Omantel ink MoU to organize Fintech accelerator program

By Shilpa Annie Joseph, Official Reporter
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The Central Bank of Oman (CBO) has signed a Memorandum of Understanding (MoU) with Oman Telecommunications Company (Omantel) in order to conduct an Accelerator Program to support fintech startups in the Sultanate.

The MoU comes in light of CBO’s Oman Fintech Framework and Roadmap that aims at establishing a comprehensive and nurturing fintech ecosystem in Oman that supports and promotes Fintech startups, Small & Medium Enterprise (SMEs), Banks, and Technology Firms.

The agreement was signed by His Excellency Tahir bin Salim Al Amri, Executive President of CBO, and Mr. Talal Said Al Mamari, CEO of Omantel. The partnership brings together the expertise and shared vision of the CBO and Omantel to support local fintech startups in Oman.

Talal Said Al Mamari
Talal Said Al Mamari
CEO – Omantel

“We are excited for this partnership with the CBO which leverages our shared vision and strengths to contribute to the growth of fintech startups in the country. We are committed to leading digital transformation in Oman and to create meaningful opportunities for local startups to develop and thrive, and we strongly believe that our collaboration with the CBO in this area will be a game changer for the country’s fintech sector.”

The six-month Accelerator program, which will be starting in November, will support innovative fintech startups through the challenges of the highly competitive fintech industry by utilizing mentorship, training, networking, and fundraising support.

“Fintech is vital to the future of the Sultanate of Oman’s financial sector, and we are committed to supporting fintech start-ups in the country. This program is one of the manifestations of that mission. We are delighted to be working with Omantel to provide strategic direction and regulatory advice to local fintech startups,” commented HE Salim Al Amri.

Related: Bahrain’s Al Waha Fund & Hambro Perks launch MENA’s 1st fintech venture studio