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The Central Bank of Oman on Tuesday unveiled the National Fintech Strategy in partnership with the Financial Services Authority and the National Programme for Fiscal Sustainability and Financial Sector Development at the Ministry of Finance. The coordinated effort involved close collaboration with the Ministry of Commerce, Industry and Investment Promotion, the Ministry of Transport, Communications and Information Technology, the Telecommunications Regulatory Authority, the Authority for Small and Medium Enterprises Development and Invest Oman among other public and private entities. According to the Central Bank of Oman, the strategy creates an integrated framework that sets a unified national direction for the fintech ecosystem, harmonizes institutional priorities and establishes a methodical roadmap for implementation across the sector.
The accompanying Oman Fintech Portal provides fintech firms and entrepreneurs with a streamlined, efficient pathway to enter the Omani market, the bank stated in its announcement. This centralized platform aims to deliver clearer processes and better coordination for market participants seeking to operate in the Sultanate. The dual launch supports Oman’s goal of constructing a future-ready financial system that employs technology to broaden access to services, improve efficiency and quality while advancing national competitiveness.
Oman’s fintech sector has recorded substantial expansion over the past five years, with non-cash transactions surging 703 percent between 2020 and 2025, a report on digital economy achievements from the Ministry of Transport, Communications and Information Technology showed. The number of licensed fintech companies rose to 10 during that period while the regulatory sandbox admitted 11 startups to test innovative offerings at various stages. These gains, along with the development of four national payment systems, have established critical infrastructure that the new strategy seeks to build upon.
The initiative extends work that began with a task force the Central Bank of Oman formed in 2019 to devise a comprehensive fintech approach, according to an earlier Central Bank of Oman statement. Core elements include an enhanced regulatory sandbox for controlled experimentation, a national open banking platform to spur collaboration between banks and fintech players, and targeted measures to advance financial inclusion among underserved communities. A related strategy document from the Central Bank of Oman outlines objectives such as boosting digital financial services adoption to 98 percent by the fourth year of implementation.
Central Bank of Oman Governor Ahmed bin Jaafar Al-Musalmi described the strategy as a pivotal step in the Sultanate’s financial transformation journey. “Its impact extends beyond adopting new technologies as it embodies a national commitment to building a more innovative, inclusive and competitive financial system better able to anticipate the needs of the economy,” he said. The framework aligns directly with Oman Vision 2040 priorities for economic diversification, digital transformation and sustainable growth.
Implementation will proceed in phases, beginning with strategic planning and foundational development in the first year before progressing to scaling, infrastructure enhancement and international integration, the Central Bank of Oman outlined. This structured timeline incorporates risk management measures to address potential gaps in financial inclusion and market adoption. The overall approach aims to position Oman as a competitive, trusted regional fintech destination connected to global networks while empowering local entrepreneurs and drawing specialized talent.
