OMPay, Oman’s emerging fintech solutions company, has signed a Memorandum of Understanding (MoU) with ZUMR, an Omani FinTech startup.
As part of the agreement signed between the two fintech companies, OMPay has agreed to provide its payment gateway and Know Your Client (KYC) solutions for the test run of ZUMR’s app at the Central Bank of Oman’s (CBO) fintech regulatory Sandbox Program.
ZUMR deals with smart algorithms for providing a secure and widely accessible platform for traditional saving circles, popularly known as Jamiyat. The aim is to promote healthy saving habits in Omani society through various fintech inclusion methods.
“Our platform aims to promote financial inclusion. Using this platform will enforce transparency, ease of monthly payment, and eliminate confusions that are created due to word-of-mouth or handy cash deposits for the cause.”
‘’We can’t get more customer-centric than this. Our broad range of products is for everyone, and this collaboration with ZUMR enables us to tap into a micromarket, a personal circle of savers who will be able to use OMPay’s payment gateway for making monthly payments with verified account processes generated by our KYC,” stated Mr. Abdulaziz Al Rawahi, CEO of OMPay.
Currently, in its testing phase at the Central Bank of Oman’s regulatory sandbox program, this collaboration will emerge as a breakthrough for all financial barriers and increase transparency in personal dealings.
OMPay offers mobile-based solutions for money transfers, international remittances, and merchant solutions for SMEs at an affordable cost. The super-easy-to-use UI uses advanced fintech security and verification methods connected with Oman’s highly credible human database.