Bank Muscat has secured the green light from the Central Bank of Oman to launch a $100m (OMR38.5 million) strategic Fintech investment programme.
In a statement, Bank Muscat said that the investment programme is part of the bank's strategic growth initiative.
"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," said Abdullah Zahran Al Hinai, chief wholesale banking and strategic growth officer.
Fintech enhances financial inclusion for underserved segments of the economy, particularly for SMEs and personal banking clients"
Bank Muscat will partner with venture capital funds to leverage their expertise and strength to create a high-quality pipeline for direct investments. The programme will target investments in fintech companies.
Al Hinai added that the programme will "add further momentum" to technology transfer efforts and facilitate more partnerships and growth opportunities in the fintech sector.
"The programme is also expected to contribute to the wider financial services industry and the economy of the country," he said. "Fintech enhances financial inclusion for underserved segments of the economy, particularly for SMEs and personal banking clients."
Bank Muscat is the biggest financial institution in Oman. Its large customer base will give it an added lever for the bank to materialise fintech partnerships.