Uk-based digital bank Nomo is stepping up its expansion strategy across the GCC with the launch of its new multi-currency accounts.
The bank said the service, which allows users to hold, spend and send money in six different currencies has been made available first in Kuwait before being rolled-out in phases to to the rest of the region.
It comes as Nomo aims to disrupt the GCC transfer market by offering international spending and transfers in local currencies. With Saudi Arabia and UAE set to be key markets for the bank its full offering includesGBP, USD, EUR, KWD, AED and SAR.
“The new currency accounts will strengthen Nomo’s status as a truly international digital banking proposition, serving as the primary international bank account for many of our customers. Sean Gilchrist, CEO of Nomo Bank, said. “Our focus is to let customers pay in the local currency with ease and conduct cross-border transactions without high fees eating away at the money being sent.”
Nomo, which is part of Bank of London and The Middle East plc (BLME), a subsidiary of Boubyan Bank, already has strong ties to Kuwait. Boubyan, a leading Islamic bank in the country was established in 2004, and while Nomo’s setup in Kuwait is currently operational only it services the entire Middle East through its digital app.
Mr. Abdullah Al-Tuwaijri, BLME’s Board Member, added that all six currencies would be linked to one card, “offering a comprehensive banking solution allowing customers to use it instead of carrying several banking cards or cash at hand.”
Since its launch in 2021, Nomo Bank has become a popular international payment method for Kuwaiti customers spending time in the UK, with fee-free spending and transfers in GBP. The bank’s multi-currency accounts, which are automatically linked to the Nomo debit card and Apple Pay, are designed for frequent travellers and people studying and working abroad.
In addition, the introduction of fee-free transfers to GBP bank accounts offers customers with offshore investment portfolios a solution for sending and receive money cross-borders with low fees.
“With the recent launch of our property finance offering, multi-currency accounts will play an important role for customers with overseas property portfolios. Whether it’s transferring a down payment, paying maintenance fees or collecting rent, low-cost transfers can be very important to investors,” Mr. Gilchrist said.
He added, “Nomo’s mission is to make international banking, investments and property finance accessible to customers who seek global market access and a world-class financial services experience. By reimagining banking for customers from the Middle East, we are creating opportunities for affluent customers who seek international banking solutions underpinned by easy-to-use technology.”