Oman’s Fintech Sector Accelerates with Regulatory Backing and Inclusive Growth

Oman’s fintech sector is rapidly transforming into a key pillar of financial inclusion and innovation, driven by the collective efforts of the Financial Services Authority (FSA), the Central Bank of Oman (CBO), the Ministry of Finance, and the Oman Investment Authority.

In an exclusive statement, Abdullah bin Salim Al Salmi, Executive President of the FSA, highlighted the dynamic expansion of technology-led financial solutions in the country. He noted that crowdfunding platforms have financed over OMR 14.9 million since 2022, recording an impressive 81% growth between Q2 2024 and Q2 2025. This growth underscores the vital role of digital platforms in complementing traditional banking and meeting the funding needs of small and medium enterprises (SMEs) — often “within minutes.”

To nurture innovation while ensuring consumer protection, Oman has introduced a joint national fintech sandbox with the Central Bank of Oman. This initiative allows startups and financial institutions to safely test emerging technologies under regulatory oversight. Additionally, a fintech desk at Invest Oman and temporary licenses introduced under Royal Decree 20/2024 are creating an enabling environment for experimentation, proportionate regulation, and international collaboration.

According to Al Salmi, this framework “widens access, attracts global players, and positions Oman as a regional hub for digital finance.”

Beyond fintech, Oman’s financial ecosystem is evolving to support broader economic diversification. The Alternative Investment Market (AIM), launched by the FSA, provides high-growth SMEs a lighter-touch listing option that offers exposure to disclosure norms and market discipline. The initiative is designed to help companies transition to the main market of the Muscat Stock Exchange (MSX) over time.

In parallel, the Authority is advancing sukuk wadi‘ah, investment certificates based on the principle of safe custody, to expand access to Sharia-compliant financing. Cross-border Memorandums of Understanding (MoUs) are also facilitating the entry of mutual funds and exchange-traded funds (ETFs), granting foreign investors indirect exposure to Omani opportunities.

The insurance sector is witnessing a transformation as well, moving beyond motor coverage. Health insurance has emerged as the largest and fastest-growing segment, expanding at nearly 30% annually. Regulators are now focused on embedding risk-based supervision, strengthening actuarial capacity, and addressing climate and catastrophe risks across both conventional and takaful products.

Looking ahead, sustainability is taking center stage in Oman’s financial vision. The Sultanate is on track to fully enforce IFRS Sustainability Standards (S1 and S2) by 2029. Meanwhile, the FSA, in coordination with the Ministry of Finance, is finalizing a private-sector Sustainable Finance Taxonomy aligned with international frameworks such as those of the EU, ASEAN, and GCC.

This taxonomy aims to standardize green and sustainability-linked financial instruments while safeguarding against greenwashing. “The objective is to make sustainable finance the default,” Al Salmi emphasized. “We are building the necessary market capacity and institutional expertise to support Oman Vision 2040 and the nation’s net-zero 2050 commitments.”

Through cohesive regulation, cross-sector partnerships, and an inclusive financial vision, Oman is shaping itself into one of the most progressive fintech ecosystems in the region — where innovation meets stability and growth.