Bank Nizwa Partners with Omantel and ODP to Advance Islamic Fintech in Oman

Bank Nizwa’s digital partnerships with Omantel and ODP enhance Islamic Fintech and drive Oman’s digital transformation.

In a strategic move to further strengthen the Fintech landscape in the Sultanate of Oman and contribute to the nation’s digitalization agenda, Bank Nizwa, the leading and most trusted Islamic bank in the country, has signed two Digital Partnerships with Omantel and Oman Data Park (ODP). These alliances, established during the recently held COMEX 2024 and the New Age Banking Summit 2024, respectively, underscore Bank Nizwa’s commitment to advancing Islamic Fintech solutions while simultaneously driving digital transformation across the local financial sector.

Mr. Khalid Al Kayed, Chief Executive Officer at Bank Nizwa, signed the agreements on behalf of the bank, while Sheikh Talal Said Al Mamari, Omantel’s Chief Executive Officer, and Eng. Maqbool Al Wahibi, Chief Executive Officer of ODP, represented their respective organisations. The partnership with Omantel is dedicated to integrating banking services into Omantel’s mobile network, thereby enriching customer experiences with value-added financial services, and open banking initiatives through Omani Fintechs. Moreover, it emphasises leveraging cloud services to optimize expenditure, enhance operational efficiency, and bolster cybersecurity measures. Meanwhile, the collaboration with ODP aims to identify and capitalize on opportunities for developing and utilizing cutting-edge infrastructure and mobile telecommunications solutions to support Bank Nizwa’s projects, operations, and associated personnel.

Amidst today’s digital revolution, Bank Nizwa stands as a vanguard of innovation, continually harnessing modern advancements in both IT and telecommunications. Our digital partnerships with Omantel and Oman Data Park signal a new chapter of collaboration, poised to propel growth within the Islamic Fintech domain. These alliances hold immense significance not only for our institution but also for the broader Islamic Fintech landscape. By leveraging our collective expertise, we aim to tap into new demographics, drive cost efficiencies, and pioneer the development of ground-breaking products and services.

Mr. Khalid Al Kayed, Chief Executive Officer, Bank Nizwa

As a forward-thinking Islamic bank prioritising customer-centric solutions, Bank Nizwa’s partnership with Omantel forms a robust nexus between Islamic banking and telecommunications. With mobile banking integration, customers gain direct access to financial services via Omantel’s mobile network, enhancing convenience and accessibility. Through the Mobile Wallet, Bank Nizwa leverages Omantel’s infrastructure to ensure secure transactions, while value-added services like mobile takaful and micro-financing further help enrich customer offerings. Furthermore, cross-promotion and loyalty programs are geared at fostering engagement and a sense of community.

An essential component of the partnership is the collaboration in data analytics, critical for gaining collective insights from both the financial and telecommunications sectors within the regulatory norms. This collaboration facilitates a deeper understanding of consumer behaviour and empowers targeted marketing endeavours. This synergy not only expands market reach but also drives revenue growth. Pioneering a pragmatic approach to digital convergence, Bank Nizwa and Omantel, through open banking, seek to consistently co-create innovative solutions to address evolving customer needs.

In line with the same, Bank Nizwa’s collaboration with ODP exemplifies its efforts to bolster its technological infrastructure. This comprehensive initiative spans exploration of innovative solutions such as system integration, 5G network deployment, cloud services, mobile application, smart CCTV solutions, and IoT technologies. Additionally, the bank remains committed to delivering customised mobile telecommunications solutions for its staff and contractors, while concurrently addressing the diverse telecommunication requirements essential to its operations and activities.

Through strategic partnerships like these, Bank Nizwa reaffirms its commitment to lead the charge in digital transformation within Islamic banking. This dedication ensures that the benefits of technological advancement are accessible to all, fostering inclusivity and transparency within the financial landscape.

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