The Annual Bankers Meeting 2023 took place today, with the attendance of Tahir Salim Al Amri, the Executive President of the Central Bank of Oman (CBO), along with CEOs and senior officials representing licensed banks, payment service providers (PSPs) operating in the Sultanate of Oman, and the Oman Banks Association (OBA).
During the meeting, recognition was given to the significant role of the banking sector and its substantial contribution to the prosperity of the Omani economy. The meeting highlighted the clear signs of the Omani economy's recovery.
It also emphasized the notable improvements in the economic outlook due to the government's steadfast implementation of fiscal reforms and encouraged banks to further refine their strategies to capitalize on new opportunities and government economic development programs.
In his presentation, the Executive President of the CBO underscored the importance of strengthening partnerships with PSPs to promote digital payments in the Sultanate of Oman. He highlighted the steps taken by the CBO to support the government in establishing an ecosystem for the digital transformation of the financial sector. He encouraged banks and PSPs to leverage these initiatives to create a more efficient and inclusive financial services industry. Additionally, he encouraged the development of innovative solutions in line with the rapidly evolving electronic products and services in the financial sector.
The participants were also updated on a significant milestone in the ongoing efforts to combat money laundering and terrorist financing. The Sultanate of Oman's National Risk Assessment (NRA) was successfully conducted, setting the stage for the forthcoming Mutual Evaluation by the Financial Action Task Force (FATF) starting from January 2024. The Executive President of the CBO urged the banking sector to be fully prepared for the assessment.
The meeting highlighted the banking sector's journey toward digital innovation and the transformation of electronic banking services. The OBA conducted a presentation on the banking sector's readiness for the mutual assessment by FATF.
During an open discussion session, participants engaged in detailed discussions on enhancing the efficiency of the supervisory approach to licensed entities to ensure the safety and soundness of financial institutions, thus safeguarding financial stability. They also discussed challenges facing the banking sector, including technological advancements and the implementation of the International Bank Account Number (IBAN) in the Sultanate of Oman, in addition to addressing various concerns related to the Omani banking and financial sector.