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Oman: Central Bank Unveils Sweeping Banking Regulations Changes

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In a major move aimed at transforming local financial services through open banking, the Central Bank of Oman (CBO) has launched a comprehensive framework and roadmap for fintech development in the country.

Part of Oman’s Vision 2040 Plan

The initiative is part of Oman’s Vision 2040 plan, which includes various components aimed at regulating fintech firms, promoting electronic know-your-customers (eKYC), virtual assets, and financial education. The CBO has also issued a series of new laws to adapt to the changing market landscape.

Key Highlights

Financial Consumer Protection Regulatory Framework (FCPRF)

• Aims to improve consumer protection in the use of financial services
• Based on five main principles:
  • Disclosure and transparency
  • Unfair terms and conditions
  • Data protection and privacy
  • Dispute resolution mechanisms
  • Financial education and financial capability

Personal Data and Protection Law (PDPL)

• Provides a broader definition of “Personal Data” to improve consumer protection and privacy
• Clarifies the responsibilities of parties involved in data collection

New Regulations for Fintech Firms

• New Securities Law: Enables the Capital Markets Authority (CMA) to approve fintech apps and regulate innovative financing solutions and virtual investments
• Fintech Regulatory Sandbox framework: Allows fintech firms to test their products and services in a controlled environment while reducing regulatory risks

Expected Outcomes

• Contribution to the development of innovation in financial services in Oman
• Promotion of economic growth and diversification
• Improvement of consumer protection

Collaboration with Local Banks and Fintech Firms

The CBO is working closely with local banks and fintech firms to ensure a smooth transition to the new regulations.

Contact Information

For more information on the regulation and how the Open Bank Project can help you launch your open banking initiative, contact contact@tesobe.com.