News

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

1 year ago

January 16, 2024

Nour Nasir

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.

News

“AI Seal” Certification Now Required For Dubai Gov Partnerships

The new mandatory certification is designed to build trust in AI companies and create a reliable network of providers for government and public collaboration.

Published

16 hours ago

January 21, 2025

Nour Nasir

ai seal certification now required for dubai gov partnerships

Dubai Media Office

Dubai has introduced the Dubai AI Seal, a certification designed to establish trust in artificial intelligence (AI) companies and solutions. This initiative, directed by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister, aims to create a reliable network of AI providers which government entities and businesses can collaborate confidently.

Companies must now obtain the AI Seal to qualify for UAE or Dubai government contracts. The Dubai Centre for Artificial Intelligence (DCAI), which developed the certification, sees it as a competitive edge for companies looking to participate in key national projects. Once certified, businesses will be permitted to showcase the seal across their websites and marketing materials, signaling their credibility and dependability.

The evaluation process will consider six main criteria: the company’s services and operations, the number of employees specializing in AI, ongoing and future projects, as well as existing partnerships with public and private sector entities.

dubai ai seal certification

Khalfan Belhoul, CEO of the Dubai Future Foundation, which oversees the DCAI, commented on the initiative’s potential: “This initiative will help create powerful partnerships between the public and private sectors, locally, regionally, and globally. It will help drive new economic opportunities by leveraging AI to serve better the economy, society, and the future we aspire to”.

Also Read: Top Free AI Chatbots Available In The Middle East

The Dubai AI Seal’s goals include providing a clear framework for verifying AI providers, fostering business opportunities for AI companies, and acknowledging the industry’s strategic importance to Dubai’s economy. The initiative emphasizes AI’s role in driving economic growth, creating jobs, and strengthening collaboration between government bodies and technology firms.

All technology companies operating in Dubai and offering AI-related services or products are eligible to apply for the certification at no cost through the official website.