Sohar International unveils its API banking portal in Oman

By Gloria Mathias

ohar International, Oman’s Bank, has launched its comprehensive Application Programming Interfaces (API) Banking Portal. This portal is designed to revolutionize financial management, catering primarily to government bodies, corporate entities, and FinTech companies by providing innovative API-based solutions.

This move is a direct response to the rapidly evolving financial landscape, where shifts in consumer behavior and technological advancements necessitate a new approach to banking. API banking enables third-party entities to securely access bank services and data to complete specific transactions that otherwise may take a longer time to complete.

Ahmed Al Musalmi, Chief Executive Officer of Sohar International, said, “Today marks a significant milestone in our nation’s financial landscape as we proudly launch our API Banking portal, a first in the country. This innovative platform empowers developers and third-party providers to create groundbreaking financial services, driving unparalleled convenience and choice for our customers. By embracing this innovative technology, we are not only fostering innovation but also reinforcing our commitment to security, transparency, and customer-centric solutions.  Aligning with Oman Vision 2040 and our nation’s agenda towards a more digital economy, this initiative supports our collective goal of creating a technologically advanced and diversified financial sector.  By driving seamless integration, we aspire to lead Oman towards an era where financial technology sets new benchmarks, fostering broader economic growth and innovation.”

Sohar International’s API Banking Portal aims to redefine the provision of financial services with a diverse suite of products, including account information, transactions, and collection services, among others, facilitated through carefully crafted APIs. The immediate benefits of this API banking will be experienced through customized capabilities, seamless interconnectivity and integration, increased efficiency and cost savings, and enhanced speed and flexibility of workflows, thereby fostering innovation. These APIs are designed to offer a consent-driven, secure, and personalized banking experience, ensuring customers’ needs are met with precision and care.

Through this initiative, Sohar International reaffirms its status in the Omani and global banking sectors, driving financial technology progression and innovation.