Muscat, July 14, 2019: Oman Arab Bank (OAB) has announced that it has recently signed a Memorandum of Understanding (MoU) with Innovation Development Oman Holding S.A.O.C. (IDO Investments), in order to identify and explore potential opportunities for FinTech innovations to be implemented in Oman. The new strategic partnership will also facilitate the development of an innovation eco-system for entrepreneurship in Oman.
The signing of the MoU took place at the OAB Headquarters on 10 July, 2019, with IDO Investments being represented by its Senior Investment Manager, Talal Hasan, and OAB being represented by Al Salt Al Kharusi, General Manager – Head of the Corporate and Institutional Banking Group and Leen Al Atassi, Head of Innovation. Also in attendance were several executives and members of senior management from both institutions.
Commenting on the signing of the MoU, Al Salt Al Kharusi said, “At OAB we are focused on driving innovation forward by collaborating with private and public sectors as well as leading international institutions to create value to our community, customers, employees and all our key stakeholders. To this end, IDO Investments will play a key role in connecting us with global FinTech communities that are looking to scale their solutions in Oman, and to extend their support to our ecosystem as we introduce our first-of-its-kind innovation lab in Oman.”
Under the MoU, OAB and IDO Investments will forge a key strategic partnership to facilitate the exchange of innovative technologies and solutions and give start-ups in Oman the perfect platform from which to launch and grow their business. OAB will also look to incubate some of these FinTech companies within its Innovation Lab once operational.
IDO Investments, together with any other established FinTech companies that it introduces to Oman, will also contribute to the local FinTech space by collaborating with and mentoring start-ups within the Lab. They will assist with workshops and programmes, sharing their expertise, knowledge and invaluable experience with these budding companies.
“Innovation is the key enabler of progress and we firmly believe that this alliance will further boost efforts to establish Oman as a leading FinTech hub in the region. We also aim to leverage our knowledge and networks to assist start-ups within OAB’s Innovation Lab, helping them achieve their goals and, together with OAB, create a borderless ecosystem for future technologies in the country,” said Talal Hasan.
“This partnership between IDO Investments and OAB marks a significant development for the financial industry in Oman. It stands as a testament to how strategic partnerships between government institutions and private sector companies can help promote innovative thinking and growth within the economy. The collaboration also underscores our continued commitment towards leveraging our innovation strategy to further the development of the financial services sector within the country,” Leen Al Atassi, Head of Innovation added.
Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the bank operates a nationwide network of 65 branches and representative offices and 152 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.
IDO Investments was established by the State General Reserve Fund, Oman Oil Company SAOC, The Research Council and Oman Telecommunications S.A.O.G. and is the Sultanate’s first strategic venture capital firm. They invest in established international and local companies which deliver disruptive and innovative products or solutions to address real-world challenges in Oman and beyond.