Terms and Conditions for Application

Participation is allowed for innovators and fintech companies, emerging companies whether local of foreign, licensed or not licensed provided they comply with the proposed fintech, the laws and regulations and shall meet the following conditions:

1. Commercial registration from the Ministry of Commerce, Industry and Investment promotion.
2.  Bank account with a local bank
3. Work plan including administrative structure, future development and details of other activities.
4. Shall meet the standards of fit and proper specified by the regulators.
5. Provide and idea for real added value to the Omani market.
6. Feasibility study and business model
7. Product readiness for test within specific group of clients.
8. Provision of minimum limit of required resources.
9. Viable exit plan from the sandbox.

10.Comprehensive assessment of risks

11.Fair compensation plan for customers

12.Compliance policy for combating money laundering and financing terrorism.

13. Key performance indices and success standards agreed with the regulators.

14.Eligibility to launch the application in Oman after successful testing.

15.Compatibility of technological solutions with the banking and financial infrastructure.