Digital Financial Evolution in Oman: Central Bank Roadmap and Its Implications for the Financial Sector

Abstract

This study investigates the strategic evolution of digital finance in Oman by critically analysing the Central Bank’s digital transformation roadmap. It focuses on how regulatory frameworks, technological innovation, and institutional readiness are converging to reshape the country’s financial sector amidst the growing pressures of a rapidly digitising global economy. As fintech disruption accelerates across the world, Oman’s financial system faces a pivotal moment—making it essential to examine how the Central Bank's vision aligns with practical implementation to ensure resilience and innovation. The scope of this study is limited to the national financial system, particularly commercial banking and digital payment systems under the Central Bank’s oversight. It does not extend to fintech startups operating outside this regulatory framework or to non-financial sectors influenced by digitalisation. The research seeks to answer two primary questions: How is the Central Bank’s roadmap driving digital transformation in Oman’s financial sector? And what are the regulatory and operational implications of this shift? Methodologically, the study adopts a qualitative approach, drawing from policy documents, stakeholder interviews, and institutional reports. It assesses the structural initiatives and legal frameworks that underpin the digital finance agenda, as well as the technological infrastructure enabling its rollout. The findings suggest that the roadmap contributes to enhanced digital resilience and financial innovation, but its success hinges on regulatory flexibility, institutional capacity, and widespread digital literacy across the sector. In conclusion, the study recommends targeted policy reforms and investment in digital infrastructure, alongside coordinated industry training to bridge capacity gaps. Future research should explore the broader social implications of digital finance in Oman, particularly in areas such as financial inclusion, consumer protection, and cybersecurity for underserved populations