The Ministry of Defence (MoD) has signed an agreement with Bank Muscat, the leading financial institution in the sultanate, to enhance the partnership between the two sides and provide advanced digital banking services to the ministry.
The agreement was signed by H E Mohammed bin Nasser al Rasbi, Secretary General of the Ministry of Defence and by TariqAtiq, deputy general manager, transaction and public sector banking at Bank Muscat.
The agreement serves to confirm the public-private partnership in light of the goal of enhanced integration between the two sectors and serving the best interests of the nation and its people, according to a press release.
The agreement will facilitate online payments by the ministry to its vendors and partners in real-time thanks to the bank’s digital platforms.
Under the agreement, the Ministry of Defence will benefit from the bank’s cutting-edge Business-to-Business (B2B) platform to facilitate better performance by ministry employees and contribute to enhancing their efficiency as well as the speed and efficiency of transactional activities.
In particular, it will save time and effort for ministry employees as they do not have to visit bank branches any more to conduct banking operations. This agreement will also greatly strengthen the mutual relations between the two institutions and enhance communications.