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The partnership will enhance Modern Exchange Co’s cross-border payments experience from Oman to all major currencies
Dubai, 7 December 2021 – Global payments and cards issuance leader Nium and Oman’s leading remittance and money exchange company, Modern Exchange Co. today announced a strategic partnership that will see Modern Exchange Co. leverage Nium’s global payments infrastructure in key markets and regions such as APAC, Canada, Europe, Latin America, the UK and the US.
As the country moves rapidly towards a more digitised, seamless, and transparent system of processing both national and international payments, companies like Modern Exchange Co are embracing the adoption of digital payments and looking for trustworthy partners like Nium to help with their global growth strategy.
Through this partnership with Nium, Modern Exchange Co. will be able to connect to correspondent banks worldwide, wherein customers can make payments to beneficiaries’ accounts in real-time. Customers can access the Modern Exchange Co. mobile app and payment link for remittances to any country around the globe from anywhere, at very competitive charges and FX rates.
“We are honoured to partner with Modern Exchange Co., Oman’s leading remittance provider and a company that is at the forefront of technology and innovation. With 36 branches spreading over the entire Sultanate of Oman, the company is set to grow its footprint globally and develop its digital payments offering internationally and we are excited to be their partner on this journey. Our global platform will enable Modern Exchange Co customers to reach beneficiaries in countries across the globe and make payments in local currencies in a simple, timely and cost-saving manner,” said Frederick Crosby, Chief Revenue Officer at Nium.
Nium’s pay-out capability will enable Modern Exchange Co. to provide:
- Seamless P2P and B2B cross-border payments in all major currencies
- Access to multiple real-time payment corridors
- Instant, speedy settlements to customers
- Competitive FX rates
“Our mission at Modern Exchange Co is to surpass customer expectations and create a seamless and positive experience for our clients. We provide the best services for our customers, as we continuously look for innovative solutions and partners, to help us achieve that. Accessing Nium’s global payments infrastructure, will enable us to provide the fast and efficient pay-out services to our customers, looking to remit funds in the biggest markets globally. The partnership with NIUM will redefine standards in the remittance business, especially for payments to Canada, USA, Australia, the UK and Europe; making it more cost-efficient in comparison to other financial institutions,” said Philip Koshy, General Manager at Modern Exchange Co.
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About Modern Exchange Co:
Modern Exchange Co is the leading remittance and money Exchange company in Oman. We were founded in 1993 and are regulated by the Central Bank of Oman. We became the part of Al Mulla Group (www.almullagroup.com), Kuwait after acquisition in 2011, and are led by the strong values of integrity, transparency, and trust. In this short period of our operations, we have grown to a network of 37 Branches across Oman and enjoy the trust and loyalty of more than 200,000 active customers. Throughout this period, we have continuously invested in our people, processes, systems, technologies, and compliance to build an agile, robust, responsible and customer centric company.
Modern Exchange Co. won the “Most Trusted Brand” in the Money Exchange category at Oman’s Most Trusted Brand Awards in the year 2018.
For more information, visit https://www.modernexchange.com/omn/en_US/
About Nium
Nium is a leading embedded fintech company that provides banks, payment providers, and businesses of any size with access to global payment and card issuance services via one API. Its modular platform enables pay-outs, pay-ins, card issuance, and banking-as-a-service.
Once connected to the Nium platform, businesses can pay out in more than 100 currencies to over 190 countries – 85 of which in real time. Funds can be received in 33 markets, including Southeast Asia, the UK, Hong Kong, Singapore, Australia, India, and the US.
Nium’s growing card issuance business is already available in 32 countries, including Europe (SEPA), the UK, Australia, and Singapore. Core to Nium is its licence infrastructure, built over time in some of the fastest growing economies. Nium owns the broadest licence portfolio, covering 11 of the world’s jurisdictions, enabling seamless global payments and rapid integration, across multiple geographies.
For more information, visit: https://www.nium.com