Oman Secures First Place at World Summit on the Information Society Forum

Geneva, The Gulf Observer: The Sultanate of Oman, represented by the Financial Services Authority, has secured first place at the World Summit on the Information Society (WSIS) Forum, organized by the International Telecommunication Union in Geneva. Oman’s electronic disclosure platform, “Bayanat,” was awarded the best digital platform in the ICT applications category, specifically in e-business.

The “Bayanat” platform is an innovative digital tool designed to regulate the disclosure of financial and non-financial data for public joint-stock companies and investment funds listed on the Muscat Stock Exchange and other entities. The platform’s victory came after it was shortlisted among the top five projects worldwide in the e-business category, competing against approximately 360 digital projects.

Abdullah bin Salem Al Salmi, CEO of the Financial Services Authority, praised the “Bayanat” platform’s recognition, stating that winning first place at the WSIS Forum Awards is a testament to its efficiency and capability in serving investors and institutions. He noted that this award is one of the most prestigious at the international level in the field of technology.

Al Salmi emphasized the ongoing efforts to align financial services with the highest international standards. He highlighted that this national achievement marks a significant milestone in the technical regulation of disclosure processes for securities issuers. This accomplishment aligns with the Financial Services Authority’s strategic plan (2021-2025), which aims to enhance the Capital Market sector’s performance by creating a stimulating, trustworthy, and attractive investment environment for both local and foreign capital, thereby supporting Oman Vision 2040’s digital transformation goals.

The journey of the “Bayanat” project began with a clear vision to leverage technological advancements to simplify disclosure processes. It utilizes a unified standard language for reading financial statements, providing essential information to all stakeholders on the Muscat Stock Exchange. The platform also features tools for analysis and comparison, catering to investors’ needs to build robust investment portfolios based on sound investment principles.

Al Salmi called for increased transparency and improved disclosure regarding the performance of listed companies to enhance the investment appeal of the Muscat Stock Exchange. This, he believes, will contribute to elevating its classification to an emerging market.

He further stated that winning first place in the e-business category is a significant success for Oman, demonstrating the Financial Services Authority’s commitment to developing the Omani capital market sector. This recognition underscores the positive trajectory of legislative and technical improvements, boosting morale and motivating further achievements and advancements. It also accelerates progress towards development goals, particularly in promoting sustained, comprehensive, and sustainable economic growth, enhancing economic productivity through diversification, and utilizing technology to achieve national objectives.

The “Bayanat” platform is a digital analytical tool that consolidates financial and non-financial data to provide comprehensive analysis of securities issuers’ performance. It employs the XBRL standard language, widely used internationally for disclosures, and offers fast and secure technology for disclosure reports. By standardizing financial information and disclosure elements, the platform simplifies data handling for all stakeholders.

Moreover, the platform delivers accurate, reliable, and timely financial information, enhancing the effectiveness of data comparison, study, and analysis while reducing review periods for companies. It facilitates the transfer of financial data through taxonomies, encoding it in electronically readable formats compatible with IFRS financial reporting standards, thus speeding up access to information and enabling sector or company-level financial data comparison and analysis.

The WSIS Forum Award “WSIS +20” is among the most renowned technical awards globally, with over 100 countries participating and 1,049 technical projects competing across various categories.