Muscat – In a first of its kind experiment in the financial technology sector in the sultanate, Oman Water and Wastewater Services Company (OWWSC) and Digital Digits (Easy Coins) have signed memoranda of understanding with Connected Chains to trial stable coin Hasalah Digital Wallet for payments.
The agreements were signed by H H Sayyid Azzan bin Qais al Said, co-founder, on behalf of Digital Digits, and Qais bin Saud al Zakwani, CEO, on behalf of OWWSC, with Nabil Salim al Siyabi, co-founder of Connected Chains.
The agreements indicate both OWWSC and Digital Digits’ keen interest to be part of a first-of-its-kind fintech trial in Oman, whereby a cryptographic digital stable coin, pegged to the value of the Omani rial, can be trialled for payment of dues from subscribers, in a selected number of customer service halls of OWWSC, and online on Digital Digits’ crypto brokerage platform Easy Coins, using the Hasalah Digital Wallet.
On the occasion, H H Sayyid Azzan said, “We are proud to empower such a trial within the sultanate which in turn will improve Easy Coins’ service competitiveness to match global players in this space. Easy Coins customers will significantly benefit from the reduced cost of payment processing fees to use our service with Hasalah.”
Easy Coins enables people in Oman to buy and sell cryptocurrency locally.
“In line with OWWSC’s ambition to keep pace with digital tra-nsformation and to provide our customers with innovative options to pay their monthly dues, we are extremely pleased to ent-er into this partnership, through which we hope our customers will be provided a new experience to pay bills through the Hasalah wallet when launched,” Zakwani said.
On his turn, Siyabi said, “We are excited to work with OWWSC, Easy Coins and other relevant stakeholders in tokenising the Omani rial to enable real life benefits. We welcome any other public or private entity inte-rested in accepting the tokenised Omani rial, when fully rolled out with its associated benefits.”