Author(s): Capital Market Authority
Resource Type: Case studies
Countries: Oman
Keywords: Open Data, Access to Information, Transparency, Public Sector Innovation, E-Government
Analytical Portal "Bayanat"
Source in English: ESCWA Case study Bayanat Analytical Portal, Oman
Bayanat analytical portal was developed to support the communication and exchange of financial and non-financial data and information between listed and licensed companies. It relies on data collected according to the Extensible Business Reporting Language (XBRL) - an open standard for digital business reporting.
Companies submit their financial results, quarterly and annually, and the results get verified by accredited auditors. The system is integrated with various authorities, including Muscat Stock Exchange (MSX) and Muscat Clearing & Depository (MCD); and a single sign-on is implemented for all reporting companies. The portal ensures the availability of accurate and reliable financial information to all relevant stakeholders with the support of analysis tools and dashboard (Microsoft Power BI).
Principles supported
- Responsiveness
- Trust
- Transparency
- Inclusiveness
- Effectiveness
Technology focus
- Open Data
Purpose
- Apply advanced techniques to present financial statements and support making investment decisions.
- Increase the database for open data analysts.
- Raise awareness on methods of protecting data security, enabling automation, and enhancing transparency.
- Modernize stock exchanges with digital financial figures and new modern solutions that leverage digital platforms to effectively manage financial markets.
- Synchronize multiple gateway information and user data from various sources in a single system.
- Guide companies to use the new system for their reporting and enhance investor motivation to streamline analysis and maximize investment.
Contributors/ Partners
- Muscat Securities Market
- Muscat Clearing & Depository
- Ministry of Transport, Communications and Information Technology
Functions and/or Features
- Search for company portfolio, sector, ratios, status, key reports, and others.
- Open access to the public and for regulatory inspection.
- Flexible settings and automatic updates.
- Subscription is integrated and aligned with the Capital Market Authority requirements.
- Integration to allow smooth operation between approved gates.
- Compatible for integration with the cloud system.
- Flexible to allow product owners to modify and comply with regulatory frameworks.
- Inclusion of comprehensive proportions and signs and of reports for investment relations.
- Reports are in both English and Arabic, and accessible through Android and Apple operating system.
- Integrated with the Capital Market Authority business portal, the XBRL e-file portal, Muscat Stock Exchange and Muscat Clearing & Depository.
- Integrates Microsoft Power BI.
- Five-year span of historical data migration.
Outcomes, impacts & changes
- Availability of financial, non-financial and market data on listed and licensed companies enables users to analyse data on a single platform instead of verifying multiple data analysis sites.
- Different sets of reports are available on the same platform, allowing users to get more details about the companies and their performance over a specified period.
- Category-specific examiner reports are available to examine the ratios and concepts of companies.
- Company- and category-specific and common reports are available and allow users to conduct their analyses and examine the required data and to compare between financial statements, preliminary data and stock information.
Challenges
- Categorisation of companies and finalization of report formats for each category, which required an extensive analysis and market study.
- Regular collection of feedback from companies and analysts to adopt new business changes and upgrade the system.
- Facilitation of five-year historical data migration by addressing the challenges of identifying and aligning data with the report formats and making it useful for reporting.
- Guiding new companies to adopt and use the new system for reporting, and to motivate investors to update their analysis for maximizing investments.
Lessons learned
- The analytical platform consolidates the required data in one place, which makes it more convenient for users. In addition, the studies and initiatives showed that the system can be applied to other sectors, and would provide researchers, analysts, scientists and investors a gateway for their professional work.
