BankDhofar becomes the first bank in Oman to join BankChain

Muscat: As part of its endeavour to enhance its security measures, BankDhofar joined the leading Blockchain consortium BankChain. Being the first bank in Oman to join BankChain, BankDhofar will be able to improve its customers’ satisfaction through maximising operations efficiency, security and transparency.
Commenting on this step Ahmed Said Al Ibrahim, General Manager & Chief Corporate Services Officer at BankDhofar noted: “We are delighted to be the first bank in Oman to join this important international community of banks working in the field of Blockchain. This will enable us to be in a leading position to offer a range of new products and services.”
BankChain is a community of banks for exploring, building and implementing Blockchain solutions. Formed in February 2017 with State Bank of India - one of the largest banks in the world - BankChain now has over 30 members globally.
Through its participation in the consortium, BankDhofar will actively contribute to the research, testing, design and production of new technologies for international financial exchanges and to the development of common standards, models and rules for banking activities.
“This initiative is part of BankDhofar’s continuous transformation plan, which is putting digital technology and innovation at the core of its strategy to improve the experience of its customers,” Ahmed Al Ibrahim added.
Blockchain enables highly secured and simplified infrastructure for a range of banking processes including remittances, smart contracts, know your customer (KYC) and antimony laundering as well as new products and services with superior customer experience, efficiency and accuracy.