Rewriting Finance:
Oman’s Strategic Leap into AI
From cautious beginnings to bold innovation, Oman’s banking sector is embracing AI as a core driver of transformation. This evolution led into intelligent automation, real-time fraud prevention, and data-driven strategy — turning
Vision 2040 into a living, accelerating reality.

Rewriting Finance:

Oman’s Strategic Leap into AI

From cautious beginnings to bold innovation, Oman’s banking sector is embracing AI as a core driver of transformation. This evolution led into intelligent automation, real-time fraud prevention, and data-driven strategy — turning Vision 2040 into a living, accelerating reality.
Alexey Lebedev
Head of Banking
and Finance Department
I remember my first impression of Oman's fintech environment, it felt like something was just about to start, like the country was quietly preparing for a shift. Vision 2040 sounded more like a slogan than something real, and the talk around digital transformation was still pretty quiet. But Artificial Intelligence in banking? That felt like a future topic. Today, the change is real. Back in 2019, only about 10% of banks were doing anything with AI. Now it’s over 80%. It's like watching an entire nation accelerate into the digital world, with the banking sector firmly gripping the wheel.

Alexey Lebedev
Head of Banking and Finance Department
I remember my first impression of Oman's fintech environment, it felt like something was just about to start, like the country was quietly preparing for a shift. Vision 2040 sounded more like a slogan than something real, and the talk around digital transformation was still pretty quiet. But Artificial Intelligence in banking? That felt like a future topic. Today, the change is real. Back in 2019, only about 10% of banks were doing anything with AI. Now it’s over 80%. It's like watching an entire nation accelerate into the digital world, with the banking sector firmly gripping the wheel.

1. Early Encounters: Smart Assistants and Strategic Benefits

At first, the changes felt subtle, like AI was quietly weaving its way into banking behind the scenes. I remember when banks started experimenting with chatbots, they seemed like a novelty. Now, nearly 75% of banks have them, and they’re actually useful. Then came intelligent automation. Suddenly, those tedious back-office processes were getting done faster and smarter. Fraud prevention started happening in real time, not just after the fact. It felt like the future had arrived early.


Banks like NBO and Bank Muscat weren’t just following trends, they were setting them. One of the many proofs is Bank Muscat's AI-powered contact center that won them the “AI Initiative of the Year” award in 2024. A call center that actually understands and anticipates your needs? That’s more than a tech win, it’s a mindset shift. And the fintechs? Wadiaa and Zumr were already ahead, reimagining how loans are approved and how savings work. Even legacy banks were jumping in with AI for lending, fraud, and AML. It was clear — this wasn’t experimentation anymore, it was a strategy.

2. The Critical Insight: Data as the Real Catalyst

Behind every AI system lies its true power — data. AI without data is like an engine without fuel. For years, bank data lived in silos, boxed in by compliance and outdated thinking. But something changed. Suddenly, data wasn’t just something to report on, it became the heartbeat of every smart decision.

And with Oman banking cloud strategies and promoting open data-sharing, the ground was shifting fast. It felt like banks were waking up to the fact that their most valuable asset wasn’t just money, it was insight. Now, the big question is — can they embed that insight into every part of how they operate?

3. My Strategic Compass for Oman's AI-Powered Financial Future

If I had to draw a map for the road ahead, it would come down to four guiding principles - the pillars that can shape a smarter, AI-driven financial sector in Oman.
  • Making AI a Business Imperative
    AI can’t live in the IT department anymore. It has to be the business. Think about what Wadiaa is doing, using AI to assess risk in SME lending without needing traditional collateral. That’s not just innovation, that’s financial empowerment. But it only works if you’ve got the right people building and training those models. Talent is the fuel here, and we need more of it.
  • Embracing Open Banking for Intelligent, Secure Data Sharing
    Imagine if your bank knew you well enough to offer the right product at the exact right moment, safely and with your consent. That’s what Open Banking is making possible. With projects like “Huwiya” simplifying digital identity, the doors are opening for real-time, personalized services and safer, smarter financial ecosystems.
  • Architecting AI-Ready, Resilient Infrastructure
    Here’s the catch - you can’t run tomorrow’s AI on yesterday’s systems. Too many banks still try to plug powerful tools into outdated tech. It’s like bolting a jet engine onto a bicycle. Moving toward hybrid cloud and scalable infrastructure isn’t just a tech upgrade, it’s the foundation for AI to thrive and evolve.
  • Establishing Robust AI Governance and Ethical Frameworks
    The more we trust AI to make decisions about credit, fraud, even who gets served first, the more we need clear rules. Governance isn’t a checkbox, it’s the safety net. With Oman moving toward stronger data privacy and ethics laws, we have a chance to build systems that are not just smart, but fair and accountable.
Driving Results: AI Delivering Tangible Value
"When I see AI improving things, such as faster onboarding at NBO or smarter service at Bank Muscat, it hits differently. This isn’t tech for tech’s sake. It’s progress with a purpose. And when startups like Wadiaa use AI to lift up small businesses? That’s when it all comes together. Real impact, real people, real results."

4. The Horizon: From Adoption to Leadership

Right now, Oman is at a crossroads. The experimentation phase is over. What comes next is about scale, ambition, and leadership. With the right moves, this isn’t just about keeping up, it’s about setting the pace. And if the last few years are any indication, I wouldn't bet against Oman leading the charge.
Digital Edge AI workshops for Banks and FinTech Companies
Turn your use case into a solution blueprint in 2 hours