Central Bank of Oman approves open banking regulatory framework

​​ ​The Central Bank of Oman (CBO) has approved a regulatory framework for open banking, joining a number of global central banks adopting the innovation. The approved framework includes provisions to protect bank deposits and a supervisory framework to support innovation in the financial sector.

Open banking allows third-party service providers, such as fintechs, to access customers’ banking data (with their consent) to develop new products and services. This increases competition, encourages innovation, and expands the range of financial services for consumers.​

"From a legal perspective, the implementation of open banking requires careful consideration of data protection, transaction security, and regulatory compliance. Banks and fintechs will need to adapt their processes and systems to the new standards set by the CBO to ensure compliance and mitigate risks."

By contacting us, you will receive:

• Advice on compliance with new CBO requirements in the field of open banking, including analysis of the regulatory framework and development of compliance strategies.

• Advice on data protection and cybersecurity issues related to the exchange of banking information between various market participants.

• Assessment of the impact of open banking implementation on your business, identification of development opportunities and potential risks.

• Support for the adaptation of business processes to new open banking standards, including the development and implementation of the necessary policies and procedures.