The international rollout of Open Banking is continuing at pace in 2025 as the Central Bank of Oman (CBO) concluded December 2024 by approving regulations around the practice.
On 29 December 2024, the board of governors of the Middle Eastern nation’s Central Bank approved the ‘Regulations for the Banking Deposits Protection Law’ and the ‘Regulatory Framework for Open Banking’.
The CBO states that it aims to take all necessary steps and measures to ensure regulatory and supervisory frameworks support safe and sustainable innovation. The bank also wants to strengthen the efficiency of Oman’s financial system.
Various Middle Eastern countries have been looking to financial services as a key industry over the past couple of years, with the UAE and Saudi Arabia two of the most notable countries to do so. These ambitions are largely driven by a desire to diversify national economies and reduce the economic reliance on the fossil fuels industry.
CBO envisions Open Banking contributing to the development of ‘innovative financial products’ in Oman. It also sees potential in application programming interfaces (API) to enable secure data sharing between banks, fintech companies, and other institutions.
“Open Banking gives consumers greater control over their financial data and access to customized services that meet their various banking needs,” CBO’s statement read.