The Sultanate of Oman has been undergoing rapid changes over the last few years, especially in the field of technology. In this exclusive interview, Mr. Abdullah Hamood Al Jufaili, the Assistant General Manager of Digital Banking at Bank Muscat speaks to OERLive about digital transformation and the exciting future of banking on the sidelines of COMEX 2022, Oman’s largest ICT and Digital Transformation show.

OERLive: What is the significance of COMEX in Oman?

Abdullah Al Jufaili

Abdullah: As Oman’s largest and longest running ICT and Digital Transformation show, COMEX provides an engaging platform for the development of Oman and its human resources through a number of opportunities. It enables business leaders to bridge gaps and find solutions within the larger digital eco-system that the Sultanate of Oman aspires to attain through its landmark Oman Vision 2040. Over the past decade or so, we have all seen more and more convergence between technology and finance. This is so true given that almost everyone in the country has access to a smartphones with innumerable apps that enhance the quality of our daily lives.

OERLive: So, why is Bank Muscat here?

Abdullah: I think we can all agree that today just about everyone opens at least one mobile app during the course of any given day. We often see customers making financial transactions on a near daily basis, whether it is for personal or business needs. As the leading financial services provider in the Sultanate, Bank Muscat presence at COMEX enables it to showcase some cutting-edge digital banking services to customers as well as digital payment solutions for merchant partners.

OERLive: What are the main products and services being showcased at this stall?

Abdullah: Bank Muscat is showcasing three products and services at COMEX – its self-service Multifunction Kiosk, QR Code Payments and its Smart Payments Platform for merchant partners. I must mention in this regard that we also do have a team who are available at our stall to assist COMEX visitors in opening new bank accounts on the spot or apply for personal loans and credit cards through tablet banking.

OERLive: Can you please explain a bit more about QR-code based payments?

Abdullah: Our QR Code payments are based on the financial inclusion initiatives of the Ministry of Commerce, Industry and Investment Promotion and the Central Bank of Oman. What this means is that any customer with a bank account or e-wallet from any of the local banks in Oman can make payments at merchants / retail outlets using their mobile banking app or mobile wallet by scanning the interactive code on the PoS terminal, or by scanning a static code provided by the merchant and completing the payment instantly.

Individuals can also now transfer funds to others quickly and promptly by just using the mobile phone number, the alias or the account number of the intended recipient.

OERLive: How does the Multi-function Kiosk (MFK) help customers?

Abdullah: This device enables customers to apply for, and get a new debit card on the spot, without the need to visit any branch to collect them or wait for days for the card to be ready. We are happy to let you know that 10 such MFK devices are being installed across the Sultanate in the initial phase and will greatly enhance ease of banking for our customers.

OERLive: What are your thoughts about developments in the banking sector?

Abdullah: A sea of change is currently happening in the financial services sector. Banking in particular is expected to see a large number of development over the next few years. Already, we have over 1.3 million customers who use the Bank Muscat Mobile Banking app for a wide variety of financial transactions including fund transfers and bill payments in real-time. This is a strong endorsement of the bank’s digitalisation and customer-centric strategy. I would like to thank all our customers for their strong confidence and look forward to welcoming many more to the bank’s state-of-the-art technology, products and services.

We are now looking forward to a future where customers, whether individuals or corporates, need not visit a branch to complete their banking transactions. We expect this overall digital transformation to supercharge the growth and development of the Sultanate economy in the coming years.