The solution will leverage a centralised treasury hub in Oman that will power HSBC’s Global Disbursement, which is a bespoke service for Oman Air. The system will provide simultaneous multiple currency payments as well as an improved track and trace function for every transaction.
With this new service, Oman Air can process foreign currency payments through a single bank account via HSBC’s global network. The process minimises dependency on third-party entities and reduces the costs of processing these payment types.
Furthermore, the Global Disbursement solution can reduce the working hours spent on payment creation and reconciliation since Oman Air will be able to process multiple currency payments at the same time. Oman Air officials cited by traveldailymedia.com emphasised the company’s willingness to invest in innovative financial solutions and referred to HSBC’s Global Disbursement system as a way to promote simplicity, expediency, and security.
HSBC Oman representatives cited by the same source expressed their commitment to innovating their technology in order to make banking easier, more secure, and more accessible for their clients. They also highlighted some of the key advantages of the Global Disbursement solution and the ways it can simplify the cross-border payment process by reducing costs, minimising risk, and improving transparency.
According to markets.ft.com, HSBC Oman is an Oman-based joint stock company that offers commercial banking products and services through a network of branches in Oman, in addition to its overseas branches in India and Pakistan.
The bank’s products and services are divided into three business segments. The Retail Banking and Wealth Management segment provides personal banking, consumer finance, and wealth management products for individual customers, while the Commercial banking segment provides receivables financing services, payments and cash management, international trade finance, treasury and capital markets, commercial cards, insurance, cash and derivatives in foreign exchange and rates, and online and direct banking offerings. The Global Banking and Markets segment offers financial solutions to government, institutional, and corporate clients.
In November 2022, Reuters reported that HSBC Bank Oman and Sohar International Bank have entered into a binding merger agreement. Following the merger, all assets and liabilities of HSBC Oman will be transferred to Sohar International, and HSBC Oman will cease to exist as a legal entity.
The merger, which remains subject to approval from relevant regulatory bodies, as well as from the respective shareholders of the two entities, is expected to complete in the second half of 2023.
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