The Banking Executive Magazine - November 2024

NBO NBO PARTNERSWITH FIRST EXCHANGE TO ENHANCE REMITTANCE SERVICES VIA API BANKING PORTAL National Bank of Oman (NBO) is de- lighted to announce signing a pivotal agreement to partner with First Ex- change, a leading financial services provider specialising in international remittances, foreign currency ex- change, and payment services. The agreement was signed by Abdul- lah Zahran Al Hinai, Chief Executive Officer of NBO, and Dr. Ghazi Nasser Al Alawi, Chairman of the Board of Directors of First Exchange. The partnership facilitates easier and safer methods for customers to send money by integrating First Ex- change’s services with NBO’s ad- vanced API Banking Portal. This collaboration is also in line with NBO's long-term vision to build en- during partnerships and expand its digital landscape capabilities in the market, ensuring innovative solu- tions that meet the evolving needs of customers. The collaboration will allow First Ex- change to route all remittance trans- actions through NBO's Payment Hub, ensuring fast and secure money transfers across borders. NBO’s API Banking Portal offers First Exchange a strong platform to expand its digital payment options with fast payment and transfer services across its retail branches and digital channels. Commenting on this strategic step, Dr Ali Al Shekaili, Assistant General Manager and Head of Digital & E- Channels at NBO said: “It gives us a great pleasure to join hands with First Exchange to provide enhanced financial services using innovative technology. With our API Banking Portal, we ensure customers enjoy smooth, secure, and efficient remit- tance services, when using digital platforms or visiting our branches. This partnership is a crucial compo- nent of NBO’s digital transformation strategy, supporting our commitment to innovation while contributing to a stellar financial sector in Oman.” The platform has enhanced security features to protect customer data and ensure compliance with regulatory standards. By working together, NBO and First Exchange are committed to improving the customer experience, increasing efficiency, and reducing costs. Aligned with Oman Vision 2040 and the national push towards a more digital economy, this initia- tive supports the vision’s goal of building a technologically advanced and diverse financial sector that fos- ters innovation and growth. the BANKING EXECUTIVE 14 ISSUE 190 NOVEMBER 2024