Sohar International unveils API Banking Portal

Oman-based bank Sohar International has launched the country’s first API Banking Portal, marking a “cultural shift” to “customer-focused” financial services.

API banking will enable third-party entities to securely access bank services and data to complete transactions more efficiently, according to Sohar International.

The new API Banking Portal aims to “redefine the provision of financial services” with a range of products facilitated by APIs, including account information, transaction, and collection services.

Sajeel Bashiruddin, Sohar International’s chief digital officer said: “Our API Banking platform represents Sohar International’s commitment to innovation and empowering customers. By leading the adoption of this paradigm, we’re not merely keeping pace with global trends; we’re setting them in our region.

“API Banking transcends technological advancement, embodying a cultural shift towards more transparent, accessible, and customer-focused financial services.”

The bank’s APIs are designed to offer a consent-driven, secure, and personalized banking experience.

It is expected that the launch of the API Banking Portal will spur the development of new business models and use cases, offering significant benefits to government bodies and corporates, with potential future extensions to retail customers.

Ahmed Al Musalmi, chief executive officer of Sohar International, said: “This innovative platform empowers developers and third-party providers to create groundbreaking financial services, driving unparalleled convenience and choice for our customers.

“By embracing this innovative technology, we are not only fostering innovation but also reinforcing our commitment to security, transparency, and customer-centric solutions.”

He added: “Aligning with Oman Vision 2040 and our nation’s agenda towards a more digital economy, this initiative supports our collective goal of creating a technologically advanced and diversified financial sector.

“By driving seamless integration, we aspire to lead Oman towards an era where financial technology sets new benchmarks, fostering broader economic growth and innovation.”