In a landmark move within its digital transformation strategy, OQ has officially joined the SWIFT network, the internationally recognized platform operated by the Society for Worldwide Interbank Financial Telecommunication.

What Does This Mean for OQ?

• Direct access to electronic bank statements: OQ can now receive digital statements directly via its own SWIFT address, bypassing intermediaries, which increases efficiency and reduces dependency.
• Greater financial transparency and accuracy: With real-time access to transaction data from both local and international banks, OQ can streamline its financial reporting and reconciliation processes.
• Enhanced investor confidence: Integration with SWIFT signals adherence to global best practices, bolstering OQ’s reputation as a forward-looking energy leader.

Understanding SWIFT: Backbone of Global Financial Messaging

SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a cooperative owned by its financial institution members, headquartered in Belgium. Since its founding in 1973, it has become the world’s premier messaging standard for secure financial communications among over 11,000 institutions across 200+ countries.

Key Features:

• Facilitates high-volume, cross-border payment messaging
• Supports ISO 9362 BIC codes, ISO 15022 (MT formats), and ISO 20022 structured data
• Ensures encrypted, authenticated, and standardized message exchange

Benefits for SWIFT Users:

• High reliability and near‑faultless availability
• Tools for compliance, including KYC, AML, and sanctions screening
• Operational visibility and analytics dashboards
• Participation in the SWIFT Customer Security Program for network-wide cyber standards

Why This Move Matters for OQ

According to Sabrina Al Bakri, CFO at OQ:

“This achievement marks a major milestone in OQ’s digital transformation journey and reflects our ongoing commitment to implementing international best practices.”

Broader Implications

Joining the SWIFT network is not just a technical upgrade—it represents OQ’s ambition to compete on a global finance level and modernize its treasury functions. This infrastructure shift drives faster collaboration with international banks, more secure financial data exchange, and scalability for future growth.

In Summary

OQ’s integration into the SWIFT network marks a significant milestone in its journey toward operational excellence and global financial integration. It paves the way for more efficient financial operations, transparency, and alignment with world-class standards—supporting OQ’s reputation as an innovative and digitally empowered energy leader.