Bank Muscat Supports Winning Young Omanis in Redbull Car Park Drift

MUSCAT, 13 December 2016 – Bank Muscat, the flagship financial services provider in the Sultanate, in line with its ‘Let’s Do More’ vision and commitment to partnership in promoting Oman as a sporting nation, joined hands in honoringMUSCAT, 06 December 2016 – Bank Muscat, the flagship financial services provider in the Sultanate, has won a prestigious award from JP Morgan Bank in recognition of operational excellence in the field of dollar payments processing. Bank Muscat won the ultimate level of JP Morgan Elite quality recognition award with an outstanding performance of 99.79 per cent straight-through-processing (STP) in dollar denominated fund transfer and commercial payments.

Bank Muscat exceeded the stringent STP performance standards and qualified for the award which recognised its exceptional quality of SWIFT messages on dollar payment, maintaining an outstanding error-free rate for remittances. The award was based on evaluation of the quality and accuracy of SWIFT payment messages routed through JP Morgan Bank.

The award highlighted the bank’s commitment to high standards of quality in meeting the stringent criteria for fund transfer. The bank’s exceptional quality in the delivery of commercial payments and transfers, facilitated by a state-of-the-art in-house payment architecture, which helps to consistently maintain high SWIFT standards for automated processing throughout the payment chain resulting in extremely high STP rates, was also acknowledged.

The bank’s Central Operations electronic payments department, Treasury back office and Global Trade Services department are handling fund transfer operations while the technical and security issues are handled by the Systems & Procedures department. The Financial Institutions Group, reckoned as one of the leading FI teams in the region, has established more than 500 correspondent banking relationships across the world.

JP Morgan Bank is among Bank Muscat's prominent correspondent banks for dollar payments. Representatives of JP Morgan Bank commended the operational teams involved in processing dollar payments at Bank Muscat for the error-free rate maintained consistently throughout the high volume of remittances processed during 2016.

A multi-award winning organisation, Bank Muscat’s STP performance has been consistently lauded by the international financial and banking community for several years.

In recognition of outstanding contributions to the banking sector in Oman, Bank Muscat continued to win all prestigious global awards in 2016 by Euromoney, Global Finance, Emeafinance, the Banker Middle East and the World Union of Arab Bankers (WUAB).

The bank also won the Best Brand and Oman’s Most Trusted Brand awards by Business Today and Muscat Daily. the Three champion Omani winners, Haitham Al Hadidi, Ali Al Balushi and Tariq Al Shinani, for winning the first three places at the Red Bull Car Park Drift Final 2016, hosted in Oman. The honoring ceremony took place today (Tuesday 13th December 2016) at the bank’s head office in the presence of AbdulRazak Ali Issa, Chief Executive, Management Team members and Sulaiman Al Rawahi, Oman Automobile Association Manager.

On this occasion, AbdulRazak Ali Issa, Chief Executive, expressed his joy and pride in this great achievement and efforts of these young Omanis, congratulating them on winning this competition, facing strong competition of participants from different countries in the Middle East.

This was the first time Oman hosted the Red Bull Car Park Drift Final, where winners of the region’s greatest drifting series competed. Adventure motoring enthusiasts turned out in large numbers for the event held on the specially designed track at Port Sultan Qaboos. Management Team members of the bank attended the event which was a day of pride for Oman drifting champions who shared honours in the grueling event.

Aimed at promoting sporting activities in general and motor sports in particular in Oman, Bank Muscat supported as local partner of the Red Bull Car Park Drift Final 2016. As the nation’s leading banking partner, Bank Muscat attaches great importance to initiatives contributing to the country’s progress and development in all arenas, including sports, and encouraging youth activities.

Hosting the event symbolised a major stride redefining adventure sports in Oman and inspiring a new generation of Omani youth to take up adventure sports for leisure and as competitive sport. The event served as a shining example of how Oman is equipped to take up adventure sports and promote Oman as a sporting destination.

The Red Bull Car Park Drift Final was well received by motor sports enthusiasts in Oman. The event put the competitors’ skills to test as they deployed a high level of expertise and courage to push their engines and car bodies to the limits, while maintaining exceptional car handling skills, all at high speeds.

Adventure sports manifest a striking parallel to the bank’s ethos characterised by its determination to take on challenges and prove its capabilities. The bank’s association with the event was aimed at encouraging sporting talents and creating a sustainable future for the country as a sporting destination.

The bank’s support to motor sports activities stem from its commitment to raise awareness on responsible and safe driving as well as encouraging youth activities. The bank seeks to set an example for corporates to lend support to develop Oman as a motor sports destination and thereby promote the Sultanate’s tourism potential.

Bank Muscat has adopted a series of measures to support sporting activities and develop the potential of youth. True to its commitment to supporting varied sporting activities in the country, Bank Muscat remains at the forefront in offering the required encouragement and support to youth who represent the future of Oman.