The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Central Bank of Oman Selects FRSGlobal to Implement its Banking Oversight and Research Solutions Project

Share article

FRSGlobal today announced that the Central Bank of Oman (CBO) has selected FRSGlobal to implement the new Banking Oversight and Research Solutions (BORS) project, in order to streamline and automate supervision and analysis of authorised financial institutions in the Sultanate.

Hamood Sangour Al Zadjali, executive president of the CBO, stated that: “The 21st century will be a knowledge-dominated century, whereby traditional banking will give way to more electronic banking. While this provides tremendous business opportunities for the banking sector, it also raises new challenges for both banks and regulators.”

Roy Barnes, head of operations for FRSGlobal in the Middle East, stressed that “FRSGlobal will assist the CBO in its BORS project as part of its continued pursuance in achieving the global best practices in banking regulation and supervision in the region. The CBO has a reputation as one of the strongest regulators in the region, a claim echoed by major global financial analyst houses, so we are delighted to be selected after a rigorous process, to support the CBO’s plans for maintaining the Sultanate’s vibrant banking industry.”

The implementation of this project will be completed over 2010-2011, and will result in a full set of country regulatory reports as submitted by banks to the CBO.

Steve Husk, CEO of FRSGlobal, said: “Our proven risk and regulatory experience and extensive knowledge from interaction with global regulatory organisations mean that we are ideal partners to enable central banks to streamline data collection and get a comprehensive view of firms under their supervision. We look forward to working with the CBO and expect to replicate this solution for development of similar systems for more regulators in the Middle East region and beyond.”

Related content

WEBINAR

Upcoming Webinar: Data Standards – progress and case studies

Date: 10 November 2020 Time: 10:00am ET / 3:00pm London / 4:00pm CET Global data standards and identifiers are essential to business growth, market stability and cost reduction – but they can be challenging to implement, while a lack of consistency across jurisdictions has presented obstacles to global take-up. However, with regulators starting to sit...

BLOG

SmartSearch Adds Facial Recognition Feature in Response to COVID-19

Yorkshire-based AML specialist SmartSearch has introduced a new facial recognition feature to its one stop shop’ Know Your Customer (KYC) and AML platform, in response to restrictions on ID verification due to COVID-19. The automatic verification platform enables clients to perform full electronic ID verification and screening remotely, reducing the impact on firms from current...

EVENT

RegTech Summit Virtual

The RegTech Summit Virtual which took place in June 2020 was a huge success with over 1,100 delegates registered. We are currently working on our plans for 2021 and we hope to be back with an in-person event. Whatever the future holds you can guarantee our 2021 event will be back with an exceptional guest speaker line up of Regtech practitioners, regulators, start-ups and solution providers to collaborate and discuss innovative and effective approaches for building a better regulatory environment. Can't wait until 2021? make sure you sign up to our RegTech Summit Virtual, November 2020. More info...

GUIDE

Entity Data Management Handbook – Sixth Edition

High-profile and punitive penalties handed out to large financial institutions for non-compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations have catapulted entity data management up the business agenda. So, too, have industry and government reports on the staggering sums of money laundered on a global basis. Less apparent, but equally important, are...