Pact signed to manage and run innovation lab in Oman

Muscat: The Ministry of Technology and Communications (MTC) signed a memorandum of cooperation with BankDhofar at Sas Center for 4th Industrial Revolution (4IR) to run and manage an innovation lab at the centre. The MoC was signed by Dr Salim bin Sultan Al Ruzaiqi, CEO of MTC and Abdul Hakeem Omar Al-Ojaili, CEO of BankDhofar.

The innovation lab will be dedicated for use by students, tech startups will focus on the creation of fintech solutions and applications.

Dr Salim bin Sultan al Ruzaiqi, CEO of MTC said, "Recently, the ministry has launched SAS Center for the 4th Industrial Revolution to keep pace with the current developments in the ICT sector. Signing this MoC with BankDhofar reflects the significant role of the private sector in supporting this dynamic sector and the Omani youth initiatives in entrepreneurship.”

“Through this cooperation, we hope to create an encouraging environment that can generate pioneering Omani solutions in the field of banking and finance based on the applications of the 4th IR technologies. We would like to extend our thanks to BankDhofar for their support and cooperation and we strongly urge the private sector organisations to continue their role in empowering various fields and sectors, he further added.”

Abdul Hakeem Omar Al Ojaili, CEO of BankDhofar, stated, "We are proud to join hands with Ministry of Technology and Communications in this new initiative. The innovative lab at Sas Centre for 4th Industrial Revolution serves our vision of contributing to such projects of national value, and it also contributes to the development of Fintech field in general. We are in the midst of the 4th Industrial Revolution where the banking sector has to seize the opportunity and take part, supporting the youth and encouraging them to become effective in a field which will positively contribute to the national economic growth in the future. We are looking forward to see the results of this lab and the innovative youth projects in the Fintech field."

According to the MoC, MTC and BankDhofar will work together to setting up, hosting, and managing the innovation lab and creating a physical open space to provide mentorship and training for supporting students, staff, startups and fintech companies. The lab is expected to help in generating new innovative ideas and concepts for BankDhofar and its stakeholders. Besides, MTC and BankDhofar will conduct training sessions and boot camps for the lab’s users in the fintech field.