Muscat: The Central Bank of Oman and Omantel, the leading provider of integrated telecommunications services in the Sultanate of Oman, have joined forces to deliver a six-month accelerator program dedicated to nurturing and empowering fintech start-ups.
The accelerator program seeks to support innovative fintech start-ups through the challenges of the highly competitive fintech industry through mentorship, training, networking and fundraising support.
The program targets promising, high-potential local start-ups with fintech solutions in debt-based crowdfunding, buy now pay later, microfinance and the ROSCA system, a rotating savings and association system.
The five startups selected for the accelerator are Al-Jumaeiah, an application that helps create, manage and organize different jamaeiahs (groups) on a single platform; Hal Capital, a Sharia-compliant embedded fintech offering alternative financing products and services to SMEs and individuals; TasHeel Financial Solutions which provides financial ease to customers through a Buy Now Pay Later solution; Wadiaa, an equity-based crowdfunding and peer-to-peer lending solution for startups and SMEs; and Zumr Fintech which provides microfinance opportunities by encouraging the habit of saving.
His Highness SayyidaGhada Al Said, Senior Manager, Omantel Innovation Labs, said “It has been a pleasure to work with the Central Bank of Oman to create a valuable fintech program for the local startup ecosystem that combines the expertise of Omantel and the Central Bank of Oman. Bank of Oman The partnership leverages our shared vision and strength to contribute to the growth of fintech start-ups in the country and we look forward to doing our part to accelerate these promising start-ups.”
Ghada Al Kharusi, Acting Head of the Innovation Department, Central Bank of Oman, said: “Fintech is critical to the future of the Sultanate of Oman’s financial sector and we are committed to supporting fintech start-ups in the country. We are delighted to be working with Omantel on this program which we believe will be a catalyst to accelerate fintech startups in Oman.”
In addition to receiving free desk space at Omantel Innovation Labs, a 1,100 sq m facility at the heart of Omantel headquarters in Madinat Al Irfan, selected startups will also gain access to a network of over 100,000 investors, companies and mentors and will be eligible for benefits worth over $250,000 in cloud computing, legal services, accounting and other areas.
© Muscat Media Group Provided by SyndiGate Media Inc. (Syndigate.info).
