Oman wins first place in summit on Information Society Forum
Muscat: The Sultanate of Oman, represented by the Financial Services Authority, won first place in the World Summit on the Information Society Forum organised by the International Telecommunication Union, held in Geneva. Oman’s electronic disclosure platform (Bayanat) won the best digital platform in the ICT applications category (benefits all aspects of life – e-business category).
The “Bayanat” platform is an interactive digital platform concerned with regulating 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 won first place after qualifying among the five best projects in the world in the e-business category, as the number of competing projects in this category reached about 360 digital projects.
Abdullah bin Salem Al Salmi, CEO of the Financial Services Authority, explained that “Bayanat” won first place in the World Summit on the Information Society Forum Awards, an international recognition of its efficiency and ability to serve investors and institutions concerned with analysing the financial and non-financial data of various companies, indicating that the award is one of the most coveted awards in the world at the technical level.
He said that it will continue efforts to develop financial services to keep pace with the best international standards, stressing that the national achievement represents a milestone in the level of technical development for regulating the disclosure processes of securities issuers, which translates into the strategic plan of the Financial Services Authority (2021-2025) based on enhancing the performance of the
Capital Market sector by providing a stimulating, trustworthy and attractive investment environment for local and foreign capital, which is in line with achieving the requirements of Oman Vision 2040 in reaching the digital transformation goals and providing the appropriate investment climate.
He explained that the project’s journey began from the beginning with a firm vision towards employing technical development to facilitate disclosure processes and benefit from the unified standard language in reading financial statements and providing essential information to all dealers on the Muscat Stock Exchange, and to add analysis and comparison features that meet the needs of the passionate investor to build his investment portfolio with investment rules.
He called for enhancing disclosure and transparency about the performance of listed companies and attractiveness of investment in the Muscat Stock Exchange, which contributes to raising its classification to an emerging market.
Abdullah Al Salmi stated that the crowning of the electronic disclosure platform “Bayanat” in first place in the electronic business category is an indicator of success for the Sultanate of Oman, represented by the Financial Services Authority, stressing that the process of developing the Omani capital market sector is on the right path to improve the legislative and technical system, which enhances our morale towards providing more achievements and development, and contributes to accelerating progress towards achieving development goals in several aspects, the most important of which is promoting sustained, comprehensive and sustainable economic growth, and achieving higher levels of economic productivity through diversification and employing technology to achieve our national goals and objectives.
The electronic disclosure platform (Bayanat) is an analytical digital platform concerned with collecting financial and non-financial data to provide an analytical reading of the performance of securities issuers, using the standard language XBRL, one of the systems used internationally in disclosure.
The electronic platform provides a fast and secure technology for disclosure reports, as it to unify the concepts of financial information and disclosure elements, which facilitates the handling of data by all dealing parties.
The platform also provides accurate, reliable and timely financial information to all relevant parties, which increases the effectiveness of comparison, study and analysis of data, and reduces the period of review and examination for companies. This platform also works to transfer financial data through taxonomies and encode it in compatible electronic readable formats. With IFRS financial reporting standards to facilitate and accelerate access to the information it contains and compare and analyze financial data at the sector or company level.
The World Summit on the Information Society Forum Award “WSIS +20” is one of the most famous awards at the technical level in the world, and more than 100 countries participated in the competition with 1,049 technical projects distributed among the various award categories
