Interview: Sheikh Waleed Khamis Al Hashar
How is the banking sector adapting to promote economic diversification and sustainable growth?
SHEIKH WALEED KHAMIS AL HASHAR: Banks in Oman are developing strategies to support the sultanate’s economic diversification and foster sustainable growth. This shift is driven by Oman Vision 2040, the long-term development strategy to create a more balanced and resilient economy. In addition, the efforts and directives of regulators have created a conducive environment for sustainable and diversified banking growth, recognising the importance of varying revenue sources and enhancing overall economic stability. Banks can help support this agenda by offering targeted support to companies in non-oil sectors, and small and medium-sized enterprises (SMEs).
In what ways is Oman’s digital transformation shaping the future of banking in the sultanate?
SHEIKH WALEED: The digital transformation is revolutionising the banking landscape in Oman, offering greater convenience and accessibility to customers, while simultaneously boosting the operational efficiency of banks. Advancements in digital technology are enabling customers to conduct transactions online seamlessly, leading to a shift in how traditional branches operate. Since customers can now access a comprehensive suite of online banking services and payment solutions, traditional brick-and-mortar locations are being transformed into advisory-focused centres that complement digital offerings.
What role does the banking sector play in promoting financial inclusion in Oman, and how can collaboration enhance outreach?
SHEIKH WALEED: The banking sector in Oman is instrumental in advancing financial inclusion, offering various opportunities to expand access to financial services, such as through physical branches and digital platforms. Collaboration between traditional banks and financial technology (fintech) companies presents an exciting opportunity to further this initiative by leveraging innovative technologies and personalised solutions to broaden access to formal financial services. Efforts to reach underserved segments of the population, and to provide efficient and effective financial services to SMEs, are key priorities for banks. By working together, banks and fintech firms can accelerate financial inclusion efforts and increase economic prosperity across the sultanate.
Innovations such as mobile banking and internet banking have improved accessibility in remote areas, and they provide a strong foundation for banks and fintech companies to explore further opportunities to widen digital product offerings and services. In particular, technological advances in robotic process automation, big data analytics and artificial intelligence can enhance operational efficiency, broaden outreach and improve the digital experience.
To what extent does Oman’s position within the GCC influence opportunities for investment banking activities, and what areas show promise for regional collaboration and growth in the sector?
SHEIKH WALEED: Oman’s position within the GCC presents a wealth of opportunities for investment banking and regional collaboration. With a stable economic environment and a progressive regulatory framework, Oman is well positioned to attract foreign investment and drive growth in various sectors, including renewable energy, logistics and tourism.
By fostering partnerships with investment banks located in the region, and capitalising on shared expertise and infrastructure projects, the sultanate can position itself as an important player in the regional investment banking landscape. This collaborative approach can assist in enhancing financial services, attracting foreign investment and contributing to the GCC’s overall economic development.
