Oman Wins First Place in the World Summit on the Information Society WSIS+20

Bayanat Wins the Best Digital Platform in the ICT Applications for E-Business Category

The Sultanate of Oman, represented by the Financial Services Authority (FSA), was crowned first place in the World Summit on the Information Society Forum organized by the International Telecommunication Union, which was held in the Swiss city of Geneva, after the electronic disclosure platform (Bayanat) won the best digital platform in the category ICT applications (benefits in all aspects of life – e-business).

The “Bayanat” platform is an interactive digital platform concerned with regulating the disclosure of financial and non-financial data for public joint-stock companies and investment funds listed on the Muscat Stock Exchange and other entities. The platform won first place after qualifying among the five best projects in the world in the e-business category, as the number of competing projects in this category reached about 360 digital projects.

The World Summit on the Information Society Forum Award “WSIS +20” is one of the most famous awards at the technical level in the world, and more than 100 countries participated in the competition with 1049 technical projects distributed among the various award categories.

H.E. Sheikh Abdullah bin Salim Al Salmi, the Executive President of the FSA, explained that the electronic disclosure platform “Bayanat” won first place in the World Summit on the Information Society Forum Awards, an international recognition of its efficiency and ability to serve investors and institutions concerned with analyzing the financial and non-financial data of various companies, indicating that the award It is one of the most famous awards in the world at the technical level.  His Excellency said that the efforts to develop the financial services will continue in order to keep pace with the best international standards, stressing that the national achievement represents a milestone in the level of technical development for regulating the disclosure processes of securities issuers.  This translates the strategic plan of the FSA (2021-2025) which is based on enhancing the performance of the capital market sector by providing a stimulating, trustworthy and attractive investment environment for local and foreign capitals, to meet the requirements of Oman Vision 2040 for reaching the digital transformation goals and providing the proper investment environment.

Moreover, His Excellency explained that the project’s journey began from the beginning with a firm vision towards employing technical development to facilitate disclosure processes and benefit from the unified standard language in reading financial statements and providing essential information to all dealers on the Muscat Stock Exchange, and to add analysis and comparison features that meet the needs of the passionate investor to build his investment portfolio with investment rules. This is to enhance disclosure and transparency about the performance of listed companies and enhancing the attractiveness of investment in the Muscat Stock Exchange, which contributes to raising its classification to an emerging market.  His Excellency also added that the crowning of Bayanat in first place in the electronic business category is an indicator of success for the Sultanate of Oman, represented by the FSA, stressing that the process of developing the Omani capital market sector is on the right path to improve the legislative and technical system. This enhances our morale towards providing More achievements and development, and contributes to accelerating progress towards achieving development goals in several aspects, the most important of which is promoting sustained, comprehensive and sustainable economic growth, and achieving higher levels of economic productivity through diversification and employing technology to achieve our national goals and objectives. 

Bayanat is a digital analytical portal for disclosure of both financial and non-financial information and data of issuers of securities using a standard language, XBRL.   It provides safe and fast technology for disclosure reports as it standardizes the concepts of financial information and disclosure elements for easy access by all the parties to furnish accurate, reliable and timely financial information providing the ability to conduct the required comparison, studies and analysis in an efficient electronic way. XRBL transfers financial statements and data using IFRS Taxonomies and coding readable by both reader and computers for easy access to the information therein and to compare and analyze financial data at the sector or company level.