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07/04/2015 07:11 AST
Oman Investment and Finance (OIFC) on Monday said that Wasel Exchange, its wholly owned subsidiary, started operations of its head office and first branch in Ghala.
OIFC last year said that the new company will have a capital base of OMR1.5 million.
The opening of an exchange is part of OIFC's larger strategy to diversify revenue streams, in an apparent move to bring down its current over-dependence on third party utility billing and collection business. OIFC is looking at business opportunities where the company has synergies and can take advantage on its nationwide network of branches.
OIFC's Wasel Exchange is the sixteenth money exchange firms in the country. The fifteen existing firms have more than 250 branches across the country, handling approximately OMR10 million remittances in a year. Of late, there has been a major focus on branch expansion by a few leading exchange houses to strengthen their market share.
The Sultanate's banking regulator stipulates that money exchanges with a remittance licence are required to have a minimum capital of OMR1 million, while the requirement is OMR100,000 for those exchange houses carrying out only money change business.
Times of Oman
18/01/2015
Oman Investment & Finance Company said it has established a dedicated quality centre to enhance the quality aspects of its billing operations and improve the customer service for utilities billing.
Trade Arabia
29/05/2014
The board of directors of Oman Investment and Finance Company (OIFC) yesterday decided to recommend a 25 per cent cash divided amounting to OMR5 million. This is subject to the approval of shareholde
Times of Oman
03/02/2014
Oman Investment and Finance Co (OIFC) posted a net profit of RO5.05mn for the nine-month period ended December 31, 2013, compared with RO1.75mn for the same period of the previous year - an incre
Muscat Daily
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Acwa Power, the world's largest private water desalination company, leader in energy transition and first mover into green hydrogen, has signed a co-operation framework with the African Development B
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Saudia Cargo and the Saudi Export Development Authority inked a strategic memorandum of understanding, in a move set to accelerate the international reach of non-oil goods.
The agreement, si
Arab News
Financial Information Co.
Saudi Arabia