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Paymob Secures PSP License From Oman’s Central Bank

The payment service provider license is the first to be issued by the CBO to an international fintech provider.

Published

11 months ago

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paymob secures psp license from oman's central bank
Paymob

Paymob, a prominent MENAP (Middle East, North Africa, and Pakistan) financial services provider, has announced its acquisition of a Payment Service Provider (PSP) license from the Central Bank of Oman (CBO). The groundbreaking achievement marks a significant milestone for the fintech firm, as it becomes the first international company to obtain full licensing within the Sultanate.

With the newly issued PSP license, Paymob gains official authorization to accept and manage both online and in-store payments within Oman. This functionality is made possible through a seamless integration with OmanNet, the CBO’s secure payment infrastructure.

Now, Oman-based merchants will be able to facilitate payments locally and across borders via Paymob’s gateway, streamlining the cumbersome process of multiple integrations.

Islam Shawky, co-founder and CEO of Paymob, explained the significance of the new license: “It is a proud moment for Paymob to be the first international fintech company to receive PSP licensing in Oman. We appreciate the vote of confidence that CBO has placed in our technology. We are committed to enabling SME growth in Oman by making cutting-edge payment solutions accessible to all merchants and processing transactions seamlessly and securely through our local gateway”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Oman has been steadily advancing towards the digital transformation of its banking sector, driven by the Vision 2040 initiative aimed at economic diversification. The data from 2018 to 2022 reveals a remarkable surge in ATM, POS, and e-commerce transactions processed through OmanNet, with a staggering 300% increase from 82.4 million to 252.9 million transactions.

Paymob’s attainment of the Central Bank of Oman’s PSP license signifies a remarkable stride for the company and the fintech landscape as a whole, promising substantial benefits for Oman’s digital payments ecosystem and further strengthening Paymob’s position as a leading player in the MENAP region.

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UAE Prepares To Launch Two Satellites: Thuraya-2 And MBZ-SAT

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum chaired the first meeting of the Supreme Space Council yesterday.

Published

5 days ago

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December 17, 2024

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uae prepares to launch two satellites thuraya-2 and mbz-sat

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister of the UAE, chaired the first meeting of the Supreme Space Council in Dubai on December 16, 2024. The session highlighted the UAE’s ambitious space plans and took stock of the sector’s economic progress.

The council emphasized the growing role of private companies in advancing space technologies, noting that their contributions are now equal to that of the public sector. Members also praised initiatives like the Space Economic Zones Programme, which are designed to fuel innovation and investment in the space industry.

Discussing the UAE’s space journey, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum remarked, “The national space sector continues to grow and advance, and we take immense pride in the remarkable achievements we have accomplished over the years”.

Sheikh Hamdan also received updates on two upcoming satellite projects: Thuraya-2 and MBZ-SAT. Thuraya-2, developed by Space42, is slated for launch this December. Meanwhile, the MBZ-SAT, created by the Mohammed Bin Rashid Space Centre (MBRSC), will soon follow. MBRSC, a major driver of the UAE National Space Programme, continues to lead the nation’s space-related developments.

Space42 took the opportunity to showcase its advancements, including ongoing collaborations between public and private entities. The company also outlined strategies to promote innovation, boost revenue streams, and create new opportunities for growth in the sector.

Also Read: IBM Opens New Doha Office To Support Qatar’s Digital Growth

The UAE’s current projects build on a growing legacy of space exploration. Back in 2020, the nation made headlines with its Mars mission, successfully sending a probe into the planet’s orbit in 2021. This mission, which is now in its second phase as of June 2024, has been collecting critical data to develop a comprehensive diurnal image of Mars.

The UAE also ventured into lunar exploration with an unmanned mission aimed at studying untouched regions of the Moon’s surface. While the probe ultimately crashed during its landing attempt after communication was lost seconds before touchdown, the effort represented a significant step in the country’s exploration ambitions.

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