NBO and First Exchange partner to enhance remittance services

By Gloria Methri

National Bank of Oman (NBO) has signed a partnership agreement with First Exchange, a financial services provider specialising in international remittances, foreign currency exchange, and payment services.

The partnership facilitates easier and safer methods for customers to send money by integrating First Exchange’s services with NBO’s advanced API Banking Portal.

This collaboration is also in line with the bank’s long-term vision to build enduring partnerships and expand its digital landscape capabilities in the market, ensuring innovative solutions that meet the evolving needs of customers.

The collaboration will allow First Exchange to route all remittance transactions 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 remittance services when using digital platforms or visiting our branches. This partnership is a crucial component 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 aim to improve the customer experience, increase efficiency, and reduce costs.

Aligned with Oman Vision 2040 and the national push towards a more digital economy, this initiative supports the vision’s goal of building a technologically advanced and diverse financial sector that fosters innovation and growth.