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Oman: Sohar International establishes innovation hub at Terminal 11 to support fintech growth

Muscat – Sohar International Bank has signed a strategic partnership agreement with Terminal 11, an innovation hub that connects startups, corporates, investors and government entities to develop, test and scale solutions for regional and global markets. Terminal 11 initiative 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.

Under the partnership, the bank is establishing the Sohar | Innovation Hub at Terminal 11 to support fintech ventures with banking expertise, strategic partnerships and institutional support, helping them turn innovative ideas into market-ready solutions.

Al Murshidi said the competitiveness of economies will increasingly depend on their ability to foster innovation, encourage collaboration and create enabling ecosystems where ideas can develop into scalable businesses.

“As Oman advances its ambitions under Vision 2040 to become a regional centre for innovation and digital finance, partnerships such as this play a pivotal role in building a vibrant fintech ecosystem that attracts talent, accelerates entrepreneurship and strengthens the nation’s digital economy,” he said.

He added that realising this vision requires strong collaboration among financial institutions, government entities, investors, regulators and entrepreneurs to create an ecosystem where innovation can thrive.

“By supporting fintech innovation today, we are helping build a more resilient, diversified and globally competitive financial sector for the future,” Al Murshidi said.

At the heart of the initiative is the Sohar | Innovation Hub, a dedicated space designed to bridge the gap between innovation and financial services. More than a physical workspace, the hub will provide a co-creation environment where fintech founders, technology entrepreneurs and emerging ventures can access banking expertise, regulatory guidance, financial infrastructure and institutional partnerships.

By working alongside innovators from the early stages of product development, the bank aims to simplify market entry, accelerate growth and strengthen the commercial readiness of new financial solutions.

The hub will support ventures ranging from early-stage startups to growth-stage fintech companies, providing a platform where entrepreneurs can accelerate product development through expert guidance, scale through tailored banking solutions, connect with regulators, investors and strategic partners, and launch innovative solutions with the support of an established financial institution.

The establishment of Terminal 11 marks a further step in strengthening Oman’s innovation landscape by bringing startups, corporates, investors and government entities together to develop, test and scale solutions for regional and global markets.

By bringing together the public and private sectors, innovators and industry leaders under one roof, the initiative reinforces Oman’s commitment to building a more agile, technology-driven and globally competitive economy.

Applications to join the Sohar | Innovation Hub are now open to fintech founders, startup entrepreneurs and technology innovators. The initiative aims to provide a collaborative ecosystem that accelerates growth, fosters partnerships and supports the development of the next generation of financial innovations in Oman.