Technology news and insights in the Middle East, South Asia, and Africa
Technology News and insights in the Middle East, South Asia, and Africa
Thawani and Monak have signed an MoU to integrate secure, locally compliant payment capabilities into digital platforms across Oman. The partnership combines Thawani’s licensed payments infrastructure with Monak’s platform services, enabling faster service delivery, simplified onboarding, and scalable digital solutions for public and private sector initiatives.
Oman has soft launched ‘Maal’, its first national payment card, through a partnership between Dhofar Islamic and the Central Bank of Oman. Integrated with the OmanNet gateway, the card will enable domestic payments across ATMs, POS terminals, e-commerce, and government platforms. The initiative reduces reliance on international card networks, enhances security and financial inclusion, and supports Oman Vision 2040’s digital economy and cashless society ambitions.
Oman’s fintech market is projected to reach $2.8B in 2025, driven by new digital-bank rules, an active sandbox, and strong AI-led innovation. With 42 firms now licensed and rapid investment inflows, Oman is positioning itself as a leading GCC fintech destination under Vision 2040.
Oman’s FinTech Market to Hit RO 1.1 Billion by 2025, Fueling Investor Confidence and Startup Innovation
Oman’s financial sector is undergoing a transformative shift, with the FinTech market projected to reach RO 1.1 billion by 2025, representing a 16% compound annual growth rate (CAGR). The forecast, revealed at the “Building a Future-Ready Bank” summit by IBS Intelligence and Cedar, signals Oman’s emergence as a regional hub for financial innovation.
The Central Bank of Oman (CBO) has been pivotal in this rise through its Innovation Acceleration Programme and Regulatory Sandbox, fostering pilot projects, testing new technologies, and enabling a tiered digital-bank licensing framework. This forward-looking regulatory environment has propelled the number of FinTech firms from 26 to 42 within a year, with 16 new licenses issued in 2025 and 52 more under review.
Key growth areas include digital payments (22%), personal finance, trading, and crowdfunding (19% each) — signaling strong demand for financial inclusion and smarter investment solutions. Oman’s push toward a digital-first financial system is reinforced by its national AI policy, alignment with Oman Vision 2040, and global recognition as the fourth-best developing economy for ICT-related FDI.
Backed by initiatives like the RO 25 million Inma Fund for SMEs and 14.5 million digital transactions via OmanNet in early 2025, the Sultanate’s FinTech ecosystem offers fertile ground for both local entrepreneurs and global investors. This convergence of innovation, regulation, and investment is positioning Oman as a regional leader in digital finance and technology-driven growth.
Thawani has obtained a Visa licence to issue credit cards in Oman, marking a first for the nation’s FinTech sector. The partnership enhances digital inclusion, strengthens Oman Vision 2040 goals, and positions Thawani as a leader in secure, accessible financial innovation.