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Bank Muscat wins Best Trade Finance Provider in Oman award by Global Finance

MUSCAT, 06 March 2017 - Bank Muscat, the flagship financial services provider in the Sultanate, has won the ‘Best Trade Finance Provider in Oman’ award by Global Finance. The best trade finance banks across the region were selected on the basis of transaction volume, scope of global coverage, customer service, competitive pricing and innovative technologies.

Input from industry analysts, corporate executives and technology experts were evaluated to decide the winners in addition to a poll of Global Finance’s readership to ensure the accuracy and reliability of the results. The awards have identified players who successfully navigated through changes in the global trade climate, Global Finance noted.

Tariq Atiq, DGM – Transaction & Public Sector Banking, said: “The performance of Bank Muscat is consistently endorsed by the global banking community and we are delighted to once again win the prestigious Global Finance award. Bank Muscat has been providing world class banking expertise to corporate houses in Oman for over a quarter century. With the best and most knowledgeable team in the country, Bank Muscat is ideally positioned to meet all trade finance requirements of corporate clients. Bank Muscat remains committed to partnering with all institutions and corporate clients for success, as the bank processes and technology are designed to drive future corporate transactions and digital banking requirements.”

Importers and exporters in Oman require specialist finance, including the facility to finance raw materials for processing before they sell the finished goods. Trade finance transactions are processed in multi-stages that run into many months.

Bank Muscat is reckoned among the forerunners in trade finance services across the region. The Global Trade Services (GTS) team at Bank Muscat blends traditional financial solutions with tailor-made packages for operations, ensuring prompt payments, managing liquidity and minimising exchange rate risk. To meet the challenging demands of exporters, importers and local traders, Bank Muscat offers customised solutions with its strong global network. Bank Muscat issues Letters of Credit, various types of Guarantees and Standby LCs as also financing to exporters and importers.

Bank Muscat has aligned its strategic plan for a complete digital transaction banking platform which will take care of all current and future requirements of corporates and allow organisations to efficiently perform its daily operations and take informative strategic decisions to grow the company.

The platform will allow Corporates to handle its receivables and payments requirements, connect with vendors and provide easier payment solutions to customers. The platform will provide a range of solutions in trade supply chain and financing, domestic/export factoring, liquidity and treasury, MIS and reporting requirement, facilitating straight-through processing and reconciliation.