NBO pilots cross-border banking transaction using blockchain technolog

30/04/2017 11:00 AST

National Bank of Oman (NBO) has announced the successful completion of the international remittances pilot project using blockchain technology. Blockchain is an innovative technology that is poised to transform the banking industry by facilitating financial transactions to be executed cheaply, quickly and securely. It is fostering a new generation of transactional applications that establish trust, accountability and transparency. NBO successfully completed the international transfers in association with NBO’s alliance partner banks, ABank in Turkey, and United Arab Bank in the United Arab Emirates (UAE), and was initiated as part of the blockchain pilot project, which was launched by The Commercial Bank, in December 2016.

Commenting on the successful pilot cross-border transaction using blockchain, Ahmed al Musalmi, Chief Executive Officer of NBO, said, “NBO has always embraced the latest technologies to drive innovation across the Sultanate. Blockchain is transforming the landscape across the financial services industry, and we are delighted to be the first bank in Oman to be taking the lead in testing this cutting-edge technology. As we fine-tune this service, we look forward to solidifying our position at the forefront of the country’s banking sector, and delivering more digital solutions that deliver a superior experience to our customers.”

Commercial Bank CEO Joseph Abraham said, “With a deep knowledge of the local markets and the most substantial market share of the GCC fund transfer, we are well positioned to achieve further growth in the region.

Commercial Bank is committed to bring best international practice in the money transfer industry to the region through continuously enhancing services, products and solutions to meet the increasing needs of our clients. Banks must continue to embrace new technologies to be able to create the type of banking our customers expect. That is why Commercial Bank is investing and creating partnerships to drive innovation.”

Oman Daily Observer