Oman’s Banking Revolution: How the Intelligence-First Era Will Transform Your Business Financial Strategy
MUSCAT — Oman’s banking sector is transitioning from digital adoption to an “intelligence-first” approach, where artificial intelligence (AI), open banking, and cybersecurity will drive the next phase of financial services, according to the Chairman of the Central Bank of Oman.
At the New Age Banking Summit Oman, the chairman highlighted that by the end of 2025, digital transactions accounted for approximately 89 percent of total transaction volumes in the Sultanate. Additionally, instant payment systems currently handle around 1.1 million transactions daily. He emphasized that these figures represent more than operational milestones; they are indicators of earned trust, resilient foundations, and robust infrastructure capable of supporting future economic ambitions.
The chairman noted that Oman is moving beyond digital-first banking, which focused on digitizing payments, onboarding, and customer services. “We are entering the era of intelligence-first banking,” he said, explaining that AI is increasingly integrated into payments, supervision, compliance, risk management, and financial decision-making. This evolution brings a critical challenge for regulators and financial institutions: ensuring that trust, ethics, and human judgment remain central as algorithms play a larger role in shaping economic behavior and access to opportunities. “Intelligence without wisdom is not progress. It is risk wearing the mask of innovation,” he warned.
Describing open banking as a strategic and institutional shift rather than just a technological upgrade, the chairman pointed out that financial institutions have long controlled access to data and services. Today, customers expect ownership, transparency, and freedom in managing their financial lives. He stressed that the financial institutions best positioned to lead the future will be those that proactively reinvent themselves rather than wait for disruption.
The chairman also cautioned that innovation requires strong governance to avoid fragility: “Innovation without governance creates fragility, but innovation anchored in trust creates something far more valuable — sustainable transformation.” Reflecting on the history of financial crises, he underscored the risks when innovation outpaces the wisdom needed to govern it properly.
Cybersecurity, he said, has become central to financial and national resilience as banking systems grow more intelligent and interconnected. “Cybersecurity is no longer a technical function. It is financial security. It is economic security. And in an era of geopolitical volatility, it is national security,” he affirmed.
Connecting the banking sector’s transformation to Oman’s 11th Five-Year Development Plan, the chairman described the plan as both an economic roadmap and a declaration of strategic ambition in a rapidly evolving global landscape. Oman is building a financial ecosystem that is digitally advanced, globally connected, innovation-driven, and nationally sovereign.
“The future of banking will not be determined by technology. Technology is just the instrument,” he concluded. “The future of banking will be determined by leadership, strategic foresight, and our collective willingness to shape innovation in a manner that advances prosperity while never sacrificing trust.”
Under the leadership of His Majesty Sultan Haitham bin Tarik, Oman is confidently and purposefully advancing toward this future. “We are not here just to observe the new age of banking. We are here to shape it,” the chairman affirmed.
Special Analysis by Omanet | Navigate Oman’s Market
Oman’s banking sector is strategically transitioning to an “intelligence-first” era, integrating AI, open banking, and cybersecurity as core pillars. This shift presents significant opportunities for innovation-driven businesses while emphasizing the need for robust governance and ethical frameworks to mitigate risks. Smart investors and entrepreneurs should now focus on fintech solutions that balance advanced technology with trust and regulatory compliance to thrive in this evolving financial landscape.
