Guided by its ambitious Vision 2040 development plan, the Sultanate of Oman is rapidly diversifying its economy away from traditional oil and gas sectors and toward a knowledge-driven, technology-focused future. This strategic shift has created fertile ground for innovation, with the fintech sector emerging as a particularly dynamic and fast-growing vertical, actively supported by key institutions like the Central Bank of Oman (CBO).
A National Push for Diversification
Oman’s transformation is underpinned by a series of major legal and regulatory reforms designed to attract foreign investment and stimulate private-sector growth. The introduction of a new Foreign Capital Investment Law in 2020 streamlined processes for foreign investors, aligning their rights with those of local entrepreneurs.
More recently, the establishment of the Financial Services Authority (FSA) in 2024 and the approval of the Oman Global Financial Centre (OGFC) in early 2026 signal a clear intent to enhance the transparency, resilience, and global competitiveness of the nation’s financial sector.
Building a Tech-Powered Economy
The government’s commitment to technology is a core pillar of Vision 2040, which targets a 10% contribution from the tech sector to the national GDP by 2040. This has led to significant investments in digital infrastructure, AI, cybersecurity, and 5G.
These efforts are fostering a vibrant startup ecosystem, particularly in the capital city of Muscat. The country is now home to 205 tech startups with a combined valuation of $395 million. This growth is supported by a robust infrastructure that includes 30 business incubators, 10 accelerators, seven crowdfunding platforms, and 11 venture capital funds focused on startups and SMEs.
Fintech Takes Center Stage
Within Oman’s burgeoning tech scene, fintech stands out as one of the largest and most active verticals, comprising 42 ventures, or 20.5% of all startups. The sector’s momentum is accelerating, with the CBO approving 16 new fintech licenses in 2025 alone and currently reviewing an additional 52 applications.
The payments segment leads the Omani fintech landscape, accounting for 22% of all firms. A key player in this space is Thawani Technologies, a leading digital payments app and mobile wallet provider. Following closely are personal finance, digital PoS solutions, and trading and crowdfunding, each representing 19% of the market. Notable startups include Wadiaa, an equity and lending-based funding platform, and Mamun, a Sharia-compliant trade finance marketplace.
Central Bank of Oman Leads the Charge
The CBO has been instrumental in cultivating the fintech ecosystem, which is growing at an annual rate of 16% and reached an estimated valuation of OMR 1.1 billion in 2025. Key initiatives include the Fintech Innovation Hub, which provides startups with essential resources and mentorship, and the Fintech Regulatory Sandbox (FRS), allowing companies to test new products in a controlled environment.
Furthermore, the CBO launched a new Regulatory Framework for Licensing Digital Banks, effective June 2025. This framework establishes two license categories: Category 1, for full banking operations with a minimum capital of OMR 30 million, and Category 2, for limited operations requiring OMR 10 million in capital. The framework aims to attract experienced fintech players while ensuring compliance with robust cybersecurity, anti-fraud, and consumer protection standards.
About The Central Bank of Oman
The Central Bank of Oman (CBO) is the central banking authority of the Sultanate of Oman. Established in 1974, the CBO is responsible for maintaining the stability of the national currency, managing the country’s monetary policy, and regulating the banking and financial sector. Through its various initiatives, the CBO plays a pivotal role in promoting financial innovation and driving the development of the fintech ecosystem in line with Oman Vision 2040.
Source: Fintech News Middle East
