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.