News
Nomo Upgrades Its Sharia-Compliant International Bank
The fully digital service will use technology from Paymentology’s card issuing platform to offer a next-generation service.
Nomo, the world’s first fully digital Sharia-compliant cross-border bank, has teamed up with leading global issuer-processor Paymentology to build a cutting-edge and seamless customer payment experience.
Nomo offers Middle East customers a wide range of global banking services, including current accounts, property finance, international transfers, and more through its iOS and Android apps. The service also allows users to track spending, make fast payments, and manage their finances more effectively.
Nomo has already benefited from Paymentology’s cloud-based technology by introducing multi-currency accounts offering six currencies – GBP, USD, EUR, KWD, AED, and SAR. The service helps customers avoid exchange fees and provides fast, safe cross-border payments.
Now, as part of the official Nomo / Paymentology partnership, the digital bank will benefit from faster processing times, best-in-class fraud protection, and Mastercard virtual cards. Meanwhile, Paymentology will deliver a real-time data feed, providing granular insights to help Nomo improve its platform.
Martin Heraghty, Regional Director Europe of Paymentology, spoke positively about the collaboration: “As the demand for Sharia-compliant digital products and services continues to grow, Nomo is at the forefront of delivering solutions that cater to the needs of Islamic customers and beyond. With our innovative payment technology, Nomo is paving the way toward a seamless, customer-centric digital banking future. We look forward to launching more ground-breaking services together”.
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Meanwhile, Sean Gilchrist, CEO of Nomo, explained how Paymentology had improved the Nomo offering: “Paymentology’s technology has helped us build a unique offering for our customers, helping them to conduct cross-border transactions without high fees, directly from the Nomo app. We remain committed to continuously developing innovative solutions and reimagining digital Sharia banking for everyone”.
News
NASA Forms New Partnership With Saudi Space Agency
The pair will collaborate on the Center for Space Futures, advancing space tech by bringing together public and private stakeholders.
Saudi Arabia’s space industry is on the brink of substantial expansion after generating $400 million in revenue in 2022, according to a report by the Saudi Communications, Space and Technology Commission.
Now, in a new venture with NASA, plans for a “Center for Space Futures” are set to further drive the Kingdom’s aspirations of becoming a leading player in space exploration and technology.
Capturing moments from the joint delegation visit with leaders from the Saudi and American Space Agencies @NASA to @PSU_RUH, along with scenes showcasing the audience's engagement. pic.twitter.com/oB1cFTiRNl
— وكالة الفضاء السعودية (@saudispace) May 14, 2024
The partnership between NASA and Saudi Arabia goes beyond economic advantages. The pair have already cooperated on preliminary work for the Artemis II lunar mission, which is slated for a September 2025 launch and aims to land astronauts near the moon’s South Pole.
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During a visit to the capital, Riyadh, NASA Administrator Bill Nelson emphasized in a TV interview the broader objectives of the collaboration, which encompass “returning to the moon and then [to] Mars” while utilizing space exploration to glean important insights into climate change. The NASA spokesman also reiterated the space agency’s dedication to collaborating with Saudi Arabia on other future ventures.
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