Central Bank of Oman approves regulatory framework for open banking
The Central Bank of Oman (CBO) has approved the country’s regulatory framework for open banking following a board of governors meeting on 29 December.
The CBO says open banking is part of its “modern financial technology roadmap”
According to a CBO statement, the board has “approved the regulations for the banking deposits protection law and the regulatory framework for open banking, through which CBO continues to take all the necessary steps and measures to ensure that regulatory and supervisory frameworks support innovation in a safe and sustainable manner, and in a way that enhances the efficiency of the financial system”.
The CBO first developed its draft open banking framework in July 2024, inviting feedback from stakeholders over the summer.
The central bank says that the introduction of open banking will further its “modern financial technology roadmap” by promoting the development of “innovative financial products” and providing consumers with “greater control over their financial data”.
The CBO joins a growing number of global central banks embracing open banking, including the Bank of Namibia, which selected UK regtech Konsentus in November to establish API guidelines for its integration of the technology.
