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Bank Muscat facilitates digital transformation of its Government and Corporate customers

4 Oct 2022 By OUR CORRESPONDENT

MUSCAT – In line with its role in strengthening national development and digitalisation of the econ- omy as part of the ambitious Oman Vision 2040, Bank Muscat, the leading financial services provider in the sultanate, continues to launch innovative digital banking solutions and services that are transforming banking for its Institutional and Corporate Banking clients. Its Corporate Internet Banking, Business to Business (B2B) Connect solution, Direct Debit solution, Virtual Accounts, Sweeps solution, Remote Deposit Capture (RDC), Point of Sales and Payment Gateway are being increasingly leveraged by customers to rapidly transform businesses and enhance efficiencies. These digital solutions optimise cash flow, provides complete control and visibility of funds thus making working capital management more predictable.

To further spread awareness of the importance of digital transformation for the country, the bank is continuously organising customer events in business hubs like Salalah and Sohar so as to enhance partner- ship with government institutions and corporates. These events offer a platform to discuss new developments in corporate banking and focus on the importance of digital transformation.

Speaking on the occasion, Ilham Murtadha al Hamaid, general manager – Corporate Banking, Bank Muscat, said, “As a pioneer of Corporate Banking in the country, Bank Muscat has always been a pillar that supports the country’s needs across both the government and private sectors. Over the last few years, the bank has been working hard to promote digital banking by constantly adding new features and services to strengthen the customer experience as much as possible. Over the last 40 years, we are delighted to have played a key role in facilitating the growth and development of our Government and Corporate partners across different sectors.”

She added, “Going ahead, the current shift to digital will only gather more pace and play a key role in enabling our customers to transact securely and conveniently from anywhere and at any time. We are delighted to note that our Government, Institutional and Corporate customers have been wholeheartedly shifting over to highly-efficient digital banking over the past two years. Bank Muscat is glad to further popularise the importance of the ongoing digital transformation by holding more customer events so that we can reach out to the maximum number of our Government and Corporate partners as possible.”

Wafa Ibrahim al Ajmi, assistant general manager, Transactions & Government Banking, Bank Muscat, thanked customers for their strong confidence in the bank’s services and facilities. She pointed out how Bank Muscat has been spearheading a massive digital transformation in the banking and financial services sector in the Sultanate of Oman. The bank provides a complete range of technology-driven digital offerings, which cater to government entities, corporates and SMEs, and enables institutions to become future ready, agile and digitally-mature organisations. She added that Bank Muscat would continue to support corporates and government entities to make the best use of digitalisation to transform and supercharge their business environment.”

Bank Muscat’s digital solutions and services are boosted by its new Corporate Banking website (https://www.bankmuscat.com/e n/Business/Pages/Business- home-page.aspx). The website provides direct links to services and solutions, including Corporate Online Banking, business loans and solutions, trade finance, agency and custody services, sectoral insights and eApplications for various trade solutions and other banking services. Recently, the bank also launched the Bank Muscat Trade Portal for online initiation of trade transactions such as issuance/ amendment of Letters of Credit, Guarantees, and Trade Financing. Accessible through the online banking platform, the portal is an e-channel that also helps customers access required information/ reports online. Instead of customers visiting branches and submitting their requests in person, the same can now be sent to the bank online, thereby enhancing customer convenience and accessibility.

The bank’s ongoing digitalisation drive is in line with the goals of Oman Vision 2040 and will further enhance financial inclusion in Oman. The bank’s customers are at present benefiting immensely from the latest devices, solutions and technological advances made available to them through the im- plementation of cutting-edge technology. Bank Muscat has announced plans to keep introducing new digital services and features that further enhance banking convenience and security in the future, and its efforts in customer centricity and digitalisation have been well recognised by local and interna- tional media with the bank winning multiple awards across its different lines of business regularly. In recognition of the bank’s commitment to provide innovative digital solutions to its customers, Bank Muscat has won a number of prestigious awards including the Best Corporate/Institutional Digital Bank (Oman) and the Best Consumer Digital Bank (Oman) awards from Global Finance.

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