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Oman Arab Bank (OAB) hosted its second-ever OAB Connect Forum in Muscat, Oman. Patrick Staeuble, Founder and CEO of Swiss-based Teylor AG, a digital lending platform that provides loans for small and medium-sized enterprises (SMEs), provided his view on the future of Fintech-lending in the region.
Today, most of the banking industry is still heavily reliant on paper-based processes. Loan applicants fill in their applications on paper, which are then checked manually by the bank’s lending specialists. A cumbersome process that takes time and creates inefficiencies – at the expense of both banks and their SME clients, who sometimes have to wait for several weeks to get loans approved.
In a number of European countries, FinTechs have already launched digital lending platforms that eliminated paper-based processes and replaced them with a fully digitalized, automated workflow. As a result, processing times have become significantly faster. On Teylor’s platform, for instance, loan applicants can receive an offer within less than ten minutes and loans can get paid out within less than two working days.
Rashad Al Musafir, CEO of OAB, commented on the importance of FinTech for Oman’s economy, “The global FinTech market is projected to capture 4.7trn USD in 2025. The market offers huge opportunities not only for Oman Arab Bank but to the Omani economy as a whole. In order to aid its growth, at OAB we see it as our responsibility to connect global thought leaders and industry experts with the private and public sectors in Oman. With this in mind, we have created a knowledge-sharing environment from which we can all benefit.”
According to the Central Bank of Oman (CBO), about 16 to 20 percent of Oman’s US $79.29bn GDP in 2018 was produced by SMEs – a high number when compared with its GCC neighbors. Thus, SME funding can be a significant growth driver in the country. Patrick Staeuble says, “We have experienced massive demand by German SMEs to get loans faster. Likewise, banks can benefit from more efficient processes as it enables them to cut costs and speed up their lending operations.”
The event’s attendees consisted of VIP delegates, the Bank’s customers, Omani business leaders, and tech influencers. Throughout the event, Patrick Staeuble touched upon the global shift towards digital banking and how financial institutions, government entities, and other private sector companies will completely reshape the way they interact with and support their customers.
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