MUSCAT, 2 June 2024 – In a significant move to bolster Oman’s entrepreneurial landscape, the National Bank of Oman (NBO) and Al Jabr have signed a Memorandum of Understanding (MOU) marking the launch of the ‘NBO Fintech Accelerator’, the first of its kind in the banking sector. The initiative aims at nurturing startups and fostering sustainable business growth within Oman. The strategic partnership underscores NBO’s commitment to innovation and their dedication to the economic development of Oman. The signing ceremony, led by Abdullah Zahran Al Hinai, Chief Executive Officer of NBO, and Mohammed Al Wahaibi, Chief Executive Officer of Al Jabr, took place at the bank’s booth during COMEX 2024 at the Oman Convention & Exhibition Centre (OCEC).
Mustahil Ahmed Al Mamari, Assistant General Manager – Head of Strategy and Transformation at NBO, said, “Our partnership with Al Jabr in the NBO Fintech Accelerator stands as a key element of our strategy to nurture and sustain Oman’s dynamic entrepreneurial ecosystem, particularly focusing on the fintech sector. This initiative is designed to spark innovation and equip young entrepreneurs with the necessary tools and support to launch, develop, and expand their fintech ventures successfully. By harnessing the comprehensive resources and expertise offered through the Accelerator, we are dedicated to generating substantial value and opening new opportunities, thus playing a crucial role in the economic growth and diversification of Oman.”
The NBO Fintech Accelerator is designed to inspire and support the nation’s youth by transforming new fintech ideas into successful enterprises with robust and sustainable strategies, which promise high growth and are critical to the diversification of the Omani economy. Participants will benefit from an array of services including business incubation, development sessions, direct mentorship from industry leaders, and access to an extensive network of business contacts.
Mohammed Al Wahaibi, Chief Executive Officer of Al Jabr, said: “We are thrilled to partner with the National Bank of Oman on this visionary project. The Innovation Lab represents a critical step forward in our commitment to nurturing the next generation of Omani entrepreneurs and contributing to the nation’s economic diversification efforts. By providing startups with essential resources, mentorship, and networking opportunities, we aim to create an environment where innovative ideas can thrive and contribute to Oman’s sustainable growth.”
As Oman continues to promote innovation and entrepreneurship, initiatives such as the Innovation Lab are essential for turning inventive ideas into tangible businesses that contribute to the broader economy. For further information about the Innovation Lab or NBO products, customers are encouraged to visit http://www.nbo.om, contact our customer service at 24770000, or access the user-friendly NBO App.
