A cooperation agreement between “Thawani” and “Bank Dhofar” to launch innovative financial technology products

Thawani Technologies recently signed a strategic partnership agreement with BankDhofar to provide Thawani with a support platform to protect, implement and provide digital payments services in the Omani market. This agreement is the first of its kind in Oman after Thawani obtained a payment service provider license from the Central Bank of Oman, as these products will contribute to meeting the growing demand for electronic services and remote payment services by taking advantage of the infrastructure and vast experience that the bank has and smart, innovative solutions provided by Thawani.

Commenting on this, Majed Al Amri, Founder and CEO of Thawani Technologies, said: “Bank Dhofar is one of the fastest growing banking institutions in the country and has always been a leader in supporting digital payment services. This step highlights the great confidence that Omani entrepreneurs and youth have gained from the private sector and the small and medium-sized enterprise community, in appreciation of their pivotal role in achieving digital transformation in the Sultanate.” Adding, “In Thawani, we aim to enhance the concept of innovation by studying the needs of the local market and providing products and solutions that meet the requirements of customers who are looking to find smart solutions that facilitate their business conduct and give users the opportunity to enjoy digital and modern services and solutions. We are confident that with the support that will be provided by partnerships with the banking sectors, we will be fully prepared and ready to move to a whole new level in smart electronic payments services in the Sultanate of Oman.”

On his part, Dr. Tariq Taha, Head of Retail Banking Group at Bank Dhofar, said: “We are pleased to start this long-term cooperation with Thawani, and we are confident that, by employing our common capabilities, we will be able to provide the market with a list of innovative electronic payment services that are characterized by ease and flexibility.” He added, “What distinguishes this partnership is the desire of both sides to meet the requirements of our customers and exceed their expectations.”

The Central Bank of Oman, as the regulator and oversight of the payment system infrastructure in Oman, applies a regulatory and strategic approach. To develop the technical capabilities in the country’s financial and banking sector. And in 2017, the Central Bank of Oman launched the mobile payment clearing system, as part of preparing the market for companies operating in the financial technology sector and enabling beneficiary companies to carry out payment operations and transfer money easily and comfortably via mobile phone. In 2018, the National Payment Systems Law was issued with the aim of strengthening the legal framework for payment systems and keeping pace with the rapid development in the field of payment systems.

It is worth that this strategic cooperation is an integral part of Bank Dhofar’s transformation plan, which focuses primarily on digital technologies and innovation. Bank Dhofar is one of the best banks in the region, as it continues to meet the requirements of its customers and establish new standards in customer service and experience in the banking sector in the Sultanate by providing them with modern products and solutions. The bank follows the best international banking practices. To enrich his customers with a distinguished banking experience, in addition to his commitment to contribute to the growth and development of society and advance the national economy, which confirms its position among the largest banks in the region.

As the first and only electronic payment platform to be licensed by the Central Bank of Oman in the Sultanate, Thawani provides secure and fast solutions for electronic payments via mobile phone to merchants, companies and individuals alike. Thawani Technologies was established in 2016 and its system was designed and developed in accordance with the highest international standards used in card security, and Thawani platform has become the most prominent electronic platform for completing financial transactions in the Sultanate of Oman. The company provides innovative payment solutions based on the science of financial technology, to facilitate the payment process, improve beneficiaries’ experiences, and make it safer and faster. The company also provides through its platform services to pay bills, fill in the balance, pay tuition fees, and social insurance.

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