The Sultanate of Oman is making significant strides in its digital transformation journey, aligning with the ambitious goals of Oman Vision 2040. A key development in this push towards a digital-first society is the launch of a new mobile payment application by Global Money Exchange Co. LLC (GMEC), aiming to accelerate the nation’s transition to a cashless economy.
Driving Digital Transformation
Oman’s national agenda is heavily focused on modernizing its economic infrastructure. The Ministry of Finance recently initiated the first phase of the Unified Government Financial System, “Maliya,” to streamline financial procedures across government bodies. This initiative sets the stage for wider digital adoption in both the public and private sectors.
GMEC’s new app, Global Pay, directly supports this national vision by providing citizens and residents with secure and accessible digital financial services.
Introducing Global Pay
Powered by Comviva’s mobiquity® Pay platform, Global Pay is designed to facilitate both local and international payments seamlessly. The application is PCI-DSS certified, ensuring high security and data protection standards for all users.
Sheikh Sulaiman Abdulmalik Abdullah Al Khalili, Chairman of Global Money Exchange, highlighted the app’s potential for wide-scale adoption. “We believe the mobile application will be widely adopted by both Omani nationals and expatriates,” he stated, emphasizing its role in enabling secure and efficient domestic and cross-border transactions.
Enhancing Financial Inclusion
A core feature of the Global Pay app is its ability to expand financial inclusion. The platform allows users to pay for essential services, including utility bills and education fees, without the need for a traditional bank account.
“Customers can conveniently pay utility bills and education fees without requiring a bank account, helping expand financial inclusion,” noted Subromoniyan K S, Managing Director of Global Money Exchange.
To ensure a smooth user experience, Sonam Dorje, General Manager of Global Money Exchange, added that Global Pay is backed by a comprehensive customer service framework, with support available at any GMEC branch or through a dedicated helpline.
A Milestone for Omani Fintech
The launch marks a significant milestone for the country’s fintech ecosystem, as GMEC is the first money exchange company in Oman to receive a Payment Service Provider (PSP) license from the authorities.
Madhusoodanan R, Executive Advisor to the Board of Global Money Exchange, commented on the strategic importance of the launch. He said the initiative strongly supports Oman’s ambition to build a cashless economy, with additional features planned for future releases to continually enhance customer value.
About Global Money Exchange Co. LLC (GMEC)
Global Money Exchange Co. LLC (GMEC) is a leading financial institution in Oman specializing in currency exchange and remittance services. As the first money exchange company in the country to receive a Payment Service Provider (PSP) license, GMEC is at the forefront of driving digital payment solutions and financial inclusion in line with Oman Vision 2040.
Source: meatechwatch
