National Bank of Oman said it has successfully completed an international remittances pilot project using blockchain technology. The bank said it has completed international transfers in association with NBO’s alliance partner banks, ABank in Turkey and United Arab Bank in the UAE. The bank has now been initiated as part of the blockchain pilot project, launched by The Commercial Bank. Ahmed al Musalmi, CEO of the bank said the bank has always embraced the latest technologies to drive innovation across the sultanate. Blockchain is transforming the landscape across the financial services industry, and the bank is delighted to be the first bank in Oman to be taking the lead in testing this cutting-edge technology. NBO recently reinforced its commitment to Oman’s bilateral trade ties with the UAE by launching a series of initiatives to deliver a seamless banking experience for entrepreneurs and companies operating across borders. In its effort to promote innovation among Omani youths, the bank recently announced the launch of the first ever ‘Hackathon’ platform in Oman, bringing students, entrepreneurs, and technology leaders together to explore new concepts that have the potential to shape the financial services industry
