A dominant player in the Omani market, Bank Muscat offers comprehensive FX payment solutions to both corporate and individual clients, facilitating remittances and trade-related payments in 29 currencies.
A component of the bank’s strategy over the review period was to deliver competitive rates to its corporate client base through technological innovation.
In one standout development, the lender introduced its Dynamic Forex service which allows corporate clients to access preferential rates for FX payments by approaching its treasury department electronically. Made available through the bank’s corporate banking portal, the service allows customers to receive remittances instantly following a request.
The bank’s trade services team has also introduced a best-in-class portal allowing corporate clients to initiate trade payments online, providing them with competitive rates at the point of transaction.
Additionally, the bank is in the process of introducing a new feature for online deal confirmations, eliminating the need for physical signatures through an authorization mechanism.
These initiatives have helped Bank Muscat achieve meaningful growth in FX volumes, further strengthening its already dominant position on the Omani FX market.