The Financial Services Authority (FSA) held a workshop titled ‘Security Regulations in Financial Technology’ in collaboration with the Idrak Fintech Community, at the FSA’s headquarters.

The workshop aimed to raise awareness of the concepts and policies related to financial technology in the Sultanate of Oman, while shedding light on the importance of compliance and risk management within the evolving digital finance ecosystem.

The event seen broad participation from public and private sector entities and covered several key themes, including the concept of financial technology (Fintech) companies, the regulatory sandbox environment for fintech and the evaluation criteria for companies applying to the sandbox.

It also reviewed the regulatory stages of the sandbox, the causes of fraud in the fintech sector, the concept and types of financial fraud in fintech companies, preventive measures against fraud, and the plan to build market trust.

This workshop comes as part of the FSA’s ongoing efforts to enhance awareness in the field of financial technology, contributing to a deeper understanding of the regulatory foundations that reflect the FSA’s role as the regulator of the non-banking sector.