Central Bank of Oman approves open banking regulatory framework

The Central Bank of Oman (CBO) has approved a regulatory framework for open banking, joining a number of global central banks adopting the innovation. The framework sets out supervisory rules meant to support innovation in the financial sector. At the same meeting the Board approved a separate act — regulations under the Banking Deposits Protection Law — which is a distinct document, not part of the open banking framework. The decision was taken at the Board of Governors meeting on 29 December 2024, after a draft had been through public consultation in mid-2024.

Open banking allows third-party service providers, such as fintechs, to access customers’ banking data (with their consent) to develop new products and services. This increases competition, encourages innovation, and expands the range of financial services for consumers.

As of August 2026 the framework is still the operative regime in Oman and nothing in it has been rolled back. The rollout is deliberately staged: the CBO had put the technical groundwork in place before the rules themselves, publishing open banking API specifications in 2023 and security specifications later the same year. The framework sets the licensing criteria, the application process and the ongoing obligations for anyone who wants to provide open banking services to customers in Oman — account information and payment initiation providers are subject to licensing and supervision by the CBO itself. Oman is the latest Gulf state to take this route, after Bahrain, Saudi Arabia and the UAE.

"From a legal perspective, the implementation of open banking requires careful consideration of data protection, transaction security, and regulatory compliance. Banks and fintechs will need to adapt their processes and systems to the new standards set by the CBO to ensure compliance and mitigate risks."

By contacting us, you will receive:

• Advice on compliance with new CBO requirements in the field of open banking, including analysis of the regulatory framework and development of compliance strategies.
• Advice on data protection and cybersecurity issues related to the exchange of banking information between various market participants.
• Assessment of the impact of open banking implementation on your business, identification of development opportunities and potential risks.
• Support for the adaptation of business processes to new open banking standards, including the development and implementation of the necessary policies and procedures.