Muscat, Oman – Sohar International Bank has signed a strategic partnership agreement with Terminal 11 to establish a dedicated innovation hub aimed at supporting fintech startups and accelerating the development of technology-driven financial solutions in Oman
The partnership brings together Sohar International’s banking expertise and Terminal 11’s innovation ecosystem, which connects startups, corporates, investors and government entities to develop, test and scale solutions for regional and international markets. Terminal 11 was established by the private sector in partnership with the Oman Investment Authority
The agreement was signed at Sohar International’s headquarters by Abdulwahid Al Murshidi, Chief Executive Officer of Sohar International, and Abdullah Al Badi, Chief Executive Officer of Terminal 11
As part of the agreement, Sohar International is establishing the Sohar | Innovation Hub at Terminal 11. The initiative is designed to provide fintech ventures with access to banking expertise, strategic partnerships and institutional support, helping entrepreneurs transform innovative concepts into market-ready financial solutions
The new hub will serve as a dedicated environment connecting innovation with financial services, allowing fintech founders, technology entrepreneurs and emerging ventures to work alongside banking professionals and gain access to financial infrastructure, regulatory guidance and institutional partnerships
Rather than functioning solely as a physical workspace, the Sohar | Innovation Hub is intended to operate as a co-creation environment where new financial products and technologies can be developed, tested and refined with support from an established financial institution
Through early engagement with fintech companies, Sohar International aims to help entrepreneurs navigate market entry, accelerate product development and strengthen the commercial readiness of emerging financial solutions
Abdulwahid Al Murshidi, Chief Executive Officer of Sohar International, said the competitiveness of economies will increasingly depend on their ability to foster innovation, encourage collaboration and establish enabling ecosystems where ideas can evolve into scalable businesses
He said Oman’s ambitions under Vision 2040 to become a regional centre for innovation and digital finance make partnerships of this nature important to the development of a stronger fintech ecosystem capable of attracting talent, supporting entrepreneurship and contributing to the growth of the country’s digital economy
Al Murshidi added that achieving these objectives requires closer cooperation between financial institutions, government entities, investors, regulators and entrepreneurs to create an environment in which innovation can develop and reach the market
He noted that supporting fintech innovation at an early stage can contribute to building a more resilient, diversified and globally competitive financial sector in the future
The Sohar | Innovation Hub will support fintech ventures at different stages of development, ranging from early-stage startups to growth-stage companies. Entrepreneurs will be able to use the platform to accelerate product development through specialist guidance, access tailored banking solutions, establish connections with regulators, investors and strategic partners, and introduce new financial solutions with the backing of an established banking institution
The initiative is also expected to strengthen collaboration between Oman’s financial sector and the wider technology ecosystem by creating opportunities for fintech companies to work directly with financial services professionals and explore practical applications for emerging technologies
The establishment of the hub comes as Terminal 11 continues to develop its role within Oman’s innovation landscape by bringing startups, established companies, investors and government entities together to develop, test and scale solutions targeting regional and global markets
By creating a common environment for private-sector companies, innovators and industry leaders, the initiative supports Oman’s efforts to develop a more agile and technology-driven economy while strengthening the country’s position as a potential hub for innovation and digital financial services
Applications to join the Sohar | Innovation Hub are now open to fintech founders, startup entrepreneurs and technology innovators. The programme is designed to provide participants with a collaborative environment focused on accelerating growth, developing strategic partnerships and supporting the creation of the next generation of financial technology solutions in Oman
