Title: Oman’s Central Bank Initiates Digital KYC Process in Banking Sector

Central Bank of Oman’s New Instructions

The Central Bank of Oman (CBO) has issued new instructions to all banks and licensed financial institutions, marking the beginning of the digital onboarding and Electronic Know Your Customer (e-KYC) procedures ¹. This groundbreaking initiative signifies a significant step towards modernizing traditional customer verification and onboarding methods.

Goals and Benefits

• Digital Transformation: Part of the CBO’s broader digital transformation strategy in the banking and financial sector ².
• Financial Inclusion: Enabling remote account opening and access to financial services ².
• Improved Customer Experience: Quicker and more efficient verification process ².
• Sector Security: Ensuring the integrity and confidentiality of customer information ².
• Future-Proofing: Creating a prosperous and interconnected society where technology and finance intermingle ².

Development of a National Digital Onboarding Registry

Under the Central Bank’s supervision, the Oman Credit & Financial Information Centre (Mala’a) is developing a National Digital Onboarding Registry ³. This registry will serve as a reliable and independent data source for the institutions, making the onboarding and verification process more seamless.

Expansion of Digital Onboarding Process

Mala’a plans to extend digital onboarding services to entities governed by various regulatory bodies and government authorities ⁴. As this process evolves, the benefits will not only be limited to financial institutions but extend to individuals as well, ensuring a modernized, secure, and efficient banking experience.

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