Fintech
Definition
Fintech, short for financial technology, refers to the use of technology to deliver financial services in new and innovative ways. It encompasses mobile payments, digital banking, blockchain applications, peer-to-peer lending, robo-advisory services, and insurance technology.
Context
Oman’s fintech sector is developing under the regulatory guidance of the Central Bank of Oman, which has established a regulatory sandbox for testing innovative financial products. The government views fintech as a key enabler of financial inclusion and economic modernisation.
Example
An Omani fintech startup offering mobile wallet services allows unbanked workers to send and receive payments digitally, reducing reliance on cash transactions and improving financial access for underserved populations.