Central Bank of Oman (CBO) has selected Belgium-based FRSGlobal to implement the new Banking Oversight and Research Solutions (BORS) project, to streamline and automate supervision and analysis of authorized financial institutions in the Sultanate.

FRSGlobal said that the implementation of the project will be completed over 2010-2011, and will result in a full set of country regulatory reports as submitted by banks to the CBO.

CBO executive president Hamood Sangour Al Zadjali said that the 21st century will be a knowledge-dominated century, whereby traditional banking will give way to more electronic banking.

“While this provides tremendous business opportunities for the banking sector, it also raises new challenges for both banks and regulators,” Al Zadjali said.