The Financial Services Authority of the Sultanate of Oman, represented by Muscat, emerged victorious in the World Summit on the Information Society Forum organized by the International Telecommunication Union in Geneva. The electronic disclosure platform, "Bayanat," was recognized as the best digital platform in the ICT applications category, benefiting all aspects of life, particularly in the e-business category.
The "Bayanat" platform serves as an interactive digital tool that oversees the disclosure of financial and non-financial information for public joint-stock companies, investment funds, and other entities listed on the Muscat Stock Exchange. Among 360 digital projects, "Bayanat" stood out as the top project in the e-business category, surpassing four other finalists from around the globe.
Abdullah bin Salem Al Salmi, CEO of the Financial Services Authority, highlighted the significance of "Bayanat" winning first place at the World Summit on the Information Society Forum Awards. This achievement reflects the platform's efficiency and its ability to cater to investors and institutions analyzing financial and non-financial data of various companies. Al Salmi emphasized that this prestigious award is highly sought after in the global technical community.
He emphasized the ongoing commitment to enhancing financial services in alignment with global standards, highlighting the significance of national achievements in advancing technical development for regulating securities issuers' disclosure processes. This is in line with the strategic plan of the Financial Services Authority (2021-2025) aimed at boosting the performance of the Capital Market sector and creating an appealing investment environment for both local and foreign investors. These efforts are crucial for meeting the digital transformation objectives of Oman Vision 2040 and fostering a conducive investment climate.
He detailed how the project's inception was rooted in a clear vision to leverage technical advancements for streamlining disclosure processes, utilizing a standardized language for financial statements, and providing vital information to Muscat Stock Exchange participants. The addition of analysis and comparison tools caters to the needs of investors looking to construct their investment portfolios based on sound principles.
He stressed the importance of transparency and disclosure in enhancing the performance of listed companies and attracting investments to the Muscat Stock Exchange, ultimately aiming to elevate its status to an emerging market.
Abdullah Al Salmi emphasized that the recognition of the electronic disclosure platform "Bayanat" as the top platform in the electronic business category is a testament to the success of the Sultanate of Oman, specifically the Financial Services Authority. This achievement highlights the progress being made in developing the Omani capital market sector, particularly in terms of improving the legislative and technical systems. These advancements not only boost our confidence but also pave the way for further accomplishments and advancements. They also contribute to expediting progress towards achieving various development goals, with a key focus on promoting sustainable and comprehensive economic growth. By diversifying our economy and harnessing technology, we can enhance economic productivity and work towards our national objectives.
The electronic disclosure platform, known as "Bayanat," is a sophisticated digital platform that collects financial and non-financial data. It utilizes the internationally recognized XBRL language, which enables an analytical assessment of the performance of securities issuers.
This platform offers a fast and secure technology for generating disclosure reports. It harmonizes financial information and disclosure elements, making data handling easier for all parties involved. Moreover, it ensures the provision of accurate, reliable, and timely financial information to relevant stakeholders. This enhances the effectiveness of data comparison, study, and analysis, while also reducing the review and examination period for companies. The platform also facilitates the transfer of financial data through taxonomies and encodes it in compatible electronic formats. By adhering to the IFRS financial reporting standards, it enables swift access to information, facilitates comparison and analysis of financial data at both the sector and company levels.
The World Summit on the Information Society Forum Award, also known as "WSIS +20," is a prestigious global recognition in the field of technology. It serves as a testament to the excellence and impact of the electronic disclosure platform and its contributions to the advancement of the digital landscape.
