To: All Licensed Banks, Finance & Leasing Companies, Money Exchange Establishments Payment Service Providers Operating in the Sultanate of Oman (Licensed institutions)

After compliments,

Subject: Open Banking Regulatory Framework

1. Technology-based innovations have become more entrenched within the financial sector, enhancing its service, delivering efficiency gains, and ultimately contributing to its development.

2. The Central Bank of Oman (CBO) has been consistently taking steps to ensure that the regulatory framework remains conducive for enablement of innovations in a safe and sound manner that supports the transformation of the financial ecosystem.

3. The Central Bank of Oman has framed the Open Banking Regulatory Framework (copy attached).

   The framework aims to foster innovation, enhance customer experience, promote competition and improve the efficiency of the financial sector in the Sultanate of Oman.

4. This regulatory framework includes, inter alia, details on Technical standards (Open Banking Application Programming Interfaces, technology framework, Data and Information security specification), Data protection and Privacy, Consent management, Licensing and ongoing obligations applicable to Open Banking Service Providers.