Hot on the heels of the launch of its Halal mortgage facility, UK-based digital bank Nomo has now rolled out multi-currency accounts in a bid to anchor itself as a borderless bank.
The new multi-currency accounts allow customers to hold, spend and send their money in six different currencies – GBP, US$, EUR, KWD, AED and SAR – linked to a debit card and Apple Pay.
“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, 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.”
The new launch follow Nomo Bank’s unveiling of a property finance product last month.
“With the recent launch of our property finance offering, multi-currency accounts will play an important role for customers with overseas property portfolios,” Sean added. “Whether it’s transferring a down payment, paying maintenance fees or collecting rent, low-cost transfers can be very important to investors.”
Since its launch in July 2021, Nomo has been working on growing its product suite which currently comprise current accounts, fixed-term deposits, remittance and property finance. Nomo is part of Bank of London and the Middle East (BLME), which in turn is owned by Kuwait’s Boubyan Bank.
BLME is one of four fully-fledged Islamic banks in the UK. Nomo was launched particularly to capitalize on the rising demand for international banking services from clients in the Middle East.
As at the 13th March 2023, there are six Islamic digital banks in the UK, more than any other jurisdictions in the world, according to the IFN Islamic Fintech Landscape.