Banking and Fintech Leaders Decode the Future of Financial Services at New Age Banking Summit 2024

The ninth edition of the New Age Banking Summit Oman, supported by the Oman Banks Association, was organised by UMS Group on May 28th at the Sheraton Oman Hotel. The summit honoured His Excellency Tahir Bin Salim Al Amri, Executive President of the Central Bank of Oman (CBO), as the Chief Guest.

The event drew prominent figures from banking, finance, investments, fintech, and insurance sectors, as well as representatives from the Central Bank of Oman and other government bodies.

In his keynote address, His Excellency Tahir Bin Salim Al Amri emphasised the rapid evolution of the financial ecosystem and the digital transformation in financial services. He discussed advancements in payment and settlement systems, tokenisation, and the challenges posed by increasing digitalisation. He reaffirmed the CBO’s commitment to supporting innovation and modernisation while ensuring financial stability.

Banking and Fintech Leaders Decode the Future of Financial Services at New Age Banking  Summit 2024

Meanwhile, Mr. Atulya Sharma, the CEO of UMS Group, highlighted the robust performance of Omani banks in FY 2023. He noted that the combined net profits of Omani banks listed on the Muscat Stock Exchange grew by 18.6 per cent, reaching RO453.5 million in 2023 compared to RO382.3 million the previous year.

This growth, he stated, was attributed to factors such as promising economic growth, increased foreign trade, robust investment flows, higher government revenues, and increased government spending.

A panel discussion titled “Building a Robust Banking Ecosystem” featured industry leaders from banking, fintech, and technology solution providers. The panelists discussed new trends in digital banking and payments and the future of financial services in response to evolving customer needs.

Notable panelists included Dr. Haider Al Lawati, Senior Manager in AI at Oman Data Park; Mujahid Al Zadjali, General Manager – IT and Operations at Bank Nizwa; Hussain Al Maimani, Sales Director at GBM; Bassam Al Jamali, GM at Mala’a; Sajeel Bashiruddin, Chief Digital Officer at Sohar International; and Ismail Yavuz Sakaoglu, CTO – Financial Industry at Huawei.

The event was supported by leading companies in Oman. Strategic Partners included Sohar International and GBM Oman, while Bank Nizwa was the Islamic Banking Partner, and Associate Partners were ahlibank and United Securities. Taageer Finance was the Finance Partner, Oman Data Park the Cloud Service Partner, and Huawei the Technology Partner. Support Partners included Mala’a – Oman Credit and Financial Information Centre, and Credit Oman.

The summit also witnessed the signing of two Memorandums of Understanding (MoUs): one between Mala’a and Aintel, and another between Bank Nizwa and Oman Data Park.

As industry leaders continue to navigate the challenges and opportunities presented by evolving technologies, the summit highlighted the importance of strategic partnerships and innovative solutions in shaping the future of financial services in the region.

Winners of the Oman Banking & Finance Awards

  1. Exceptional Support in Banking Development

Oman Banks Association

  1. Excellence in Digital Transformation

ahlibank

  1. Leaders in Investment Strategy & Brokerage Services

United Securities LLC

  1. Pioneers in Digital Transformation & AI Empowerment

Oman Data Park

  1. Excellence in Credit Information Award

Mala’a

  1. Excellence in Corporate Banking

ahlibank

Leaders in Intelligent Transformation of the BFSI Sector

Huawei

  1. Leaders in Export Trade Insurance

Credit Oman

  1. Digital Innovation Award of the Year

GBM

  1. Excellence in Private Banking

ahlibank

  1. Islamic Bank of the Year

Bank Nizwa

  1. Finance and Leasing CEO of the Year

Shahin Mohammed Al Balushi,

CEO, Taageer Finance Company

  1. Best Bank in the Mid-Size Category

Bank Nizwa

  1. Best Non-Banking Finance Company in Oman

Taageer Finance

  1. Best Bank in the Large Banks Segment

Sohar International

16. Best Bank in the Large Banks Segment

Bank Muscat

  1. CEO of the Year – Banking Sector in Oman

Ahmed Al Musalmi

Chief Executive Officer, Sohar International