OAB Concludes its First-ever Virtual Innovation Hub in the Sultanate

  • Team ‘DivyIT’ were the winners in the student category
  • Team ‘Ebina’ won in the Fintech/professional category
  • Team ‘Digital Artist’ achieved first place in the OAB Staff category

Muscat, April 5, 2021: Upon the completion of the 24-hour virtual hackathon, Oman Arab Bank (OAB) announced the final results of the Innovation Hub 2.0, which was organised virtually, for the first time in the Sultanate. The hackathon saw the participation of over 550 participants, who were divided into three categories, students, Fintech/professionals and OAB employees. Each of them had to present innovative solutions under the three main themes; Fintech,  tourism,  and cybersecurity.

Commenting on this event, Rashad Al Musafir, CEO of OAB, said, “Each of the participants showcased immense passion for innovation and were eager to take part, despite the circumstances. We are extremely proud of their determination and innovative spirit. I strongly believe that many of the participants will play a significant role in shaping the future of the banking sector in the Sultanate. We, are delighted to pave the way for them to in shape the future.”

The virtual Innovation Hub 2.0 kicked-off at 12 pm on Friday, April 2 and continued until 5 pm on Saturday, April 3, with the names of the winners being announced by the judges at the event. Team ‘DivyIT’ achieved first place in the student category, winning a cash prize of OMR 2,500, an innovation internship programme at the Bank and the opportunity to be employed by the Bank in the future. In the Fintech/professionals category, team ‘Ebina’, came in first place and won a OMR 2,500 cash prize as well as an opportunity to potentially collaborate with the Bank to implement the solution. The OAB Staff winners was team ‘Digital Artist’, which included four employees from the Retail Banking Division. They were awarded a cash prize of OMR 2,500 and will be able to join the Innovation Lab to work on their innovative ideas.

Leen Al Atassi, Head of Innovation at OAB said, “The competition was intense, but we were truly amazed by the talent, passion for innovation and the immense potential that our  youth and young professionals demonstrated during the 24-hr challenge. We were also very pleased to see  the number of participants increase every year, which gives us a lot of motivation and determination to continue to run these platforms. I would like to thank all our participants for joining the virtual Innovation Hub hackathon this year, and we are looking forward to working closely with the winning teams over the next few months to bring their ideas to life in our newly established Innovation Lab, but most importantly we are looking forward to hearing more about the participants’ innovation journeys after the hackathon.”

“I would also like to thank the judges, our strategic partners including GBM, Visa, O Cert, Talabat, Phaze Ventures and Phaze Ro, as well as everyone involved in making the Innovation Hub hackathon a great success. For those of you who did not win, we would like to encourage you to continue working on your ideas and present them once again at the next edition of the Innovation Hub. We at OAB will continue to be a part of your journey in empowering you in your efforts to shape the local banking sector, in the years to come. Wishing you all the best and look forward to seeing you once again at the Innovation Hub 3.0,” Leen added.

The first Innovation Hub was launched successfully in 2019 and saw the participation of more than 350 participants across 70 teams. Nine of the participating students joined the Bank’s innovation internship for a period of 6 six months and four students were offered employment opportunities at OAB.

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 54 branches and representative offices with 160 ATMs spread across Oman. OAB provides a complete range of financial products and services through its OAB Online App. Customers can now digitally open an account and benefit from several other services, directly from the convenience of their mobile phones.