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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.

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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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Initial Trials Of Dubai’s Driverless Evocargo Trucks Completed

Testing was announced on July 17, and the completion is a major milestone towards upgrading the region’s logistics infrastructure.

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initial trials of dubai's driverless evocargo trucks completed
Dubai Media Office

A Dubai-based company has completed the initial trials for the UAE’s first driverless trucks. The groundbreaking achievement by Evocargo, partnering with Dubai South, took place at Dubai South Logistics District, and marked a significant step towards incorporating autonomous technologies into the region’s wider logistics infrastructure.

Announced on Wednesday, July 17th, the trials featured the Evocargo N1 unmanned electric truck navigating a predetermined route within a controlled setting. The test involved interactions with common road obstacles such as cars, trucks, and pedestrians, aiming to evaluate the vehicle’s hardware and software reliability, accident prevention systems, and overall readiness for public road use.

Officials were keen to highlight that this accomplishment aligns with the UAE’s ambitious strategy to position itself as a global leader in innovation and technology adoption. The country aims to have 25% of all transportation in Dubai autonomous by 2030, underscoring its commitment to revolutionizing the logistics sector using advanced technologies.

Mohsen Ahmad, CEO of the Logistics District at Dubai South, emphasized the importance of the collaboration with Evocargo in enhancing the region’s logistics capabilities. He noted that autonomous vehicles are set to increase efficiency, reduce carbon emissions, and establish a sustainable logistics infrastructure that will benefit both Dubai and the wider UAE.

Also Read: Riyadh Developers Reveal New 45,000-Seat Murabba Stadium

Ahmed Al-Ansi, CEO of Evocargo Autonomous Logistic Services, also expressed optimism that the trials will draw new customers and investments across the Gulf Cooperation Council (GCC) countries. The partnership aims to lead in innovative tech solutions, further establishing the UAE as a pioneer in autonomous transportation.

The successful completion of the trials marks a crucial step towards realizing the UAE’s vision for a technologically advanced and sustainable future in which autonomous vehicles are expected to play a pivotal role in global logistics.

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