Archive for July 15th, 2021

Nomo: World’s first Islamic international digital bank

July 15, 2021

Kuwait’s Boubyan Bank has started Nomo, which is world’s first islamic international digital bank. The bank will enable savers and investors to invest in UK.

Boubyan Bank Group today announces the launch of Nomo, a fully licensed and regulated UK Islamic digital bank catering for customers with a global financial outlook. Nomo has launched as a brand name of the UK-based Bank of London and The Middle East (BLME), in which Boubyan Bank is a majority shareholder.

Nomo has been developed to accommodate a growing segment of individuals in the Middle East with international banking needs. Nomo provides a digital solution for accessing, moving, and investing money in the UK and internationally with ease and assurance. 

Eligible customers from Kuwait will be able to open their new UK account in minutes through the cutting-edge and intuitive Nomo iPhone app, providing them with the ability to make seamless international payments in GBP (£) and USD ($) and transact through a virtual and/or digital MasterCard debit card. Nomo also caters to its customers through a range of innovative digital banking products.

Boubyan Bank Group CEO and BLME Chairman, Adel Al-Majed, said: “Nomo part of BLME is a fully licensed UK bank, offering a unique opportunity for customers to benefit from one of the most prestigious banking systems in the world. 

As well as daily banking services, Nomo provides Sharia-compliant investment opportunities by offering fixed-term deposits. Boubyan Group has proudly pioneered this state-of-the-art digital bank that provides Islamic digital banking services, accessible from anywhere in the world.” 

Interesting to see how tech and finance are crossing borders in different ways..

Linking Container shipping and US business cycle fluctuations

July 15, 2021

Lutz Kilian, Nikolaos Nomikos and Xiaoqing Zhou in this voxeu research:

False information regarding the sale of e-kronas

July 15, 2021

There is no e-krona yet. But rumours of its sale have already started:

On certain websites and in social media, false information is circulating claiming that the Riksbank is selling e-kronas.

The Riksbank has also been contacted by individuals describing how they have been called by companies claiming to be selling e-kronas on behalf of the Riksbank. However, it has not been decided yet whether the Riksbank will issue an e-krona and it is not possible to buy them.


Technological Progress, Artificial Intelligence, and Inclusive Growth

July 15, 2021

Anton Korinek ; Martin Schindler and Joseph Stiglitz in this IMF research paper:

Advances in artificial intelligence and automation have the potential to be labor-saving and to increase inequality and poverty around the globe. They also give rise to winner-takes-all dynamics that advantage highly skilled individuals and countries that are at the forefront of technological progress. We analyze the economic forces behind these developments and delineate domestic economic policies to mitigate the adverse effects while leveraging the potential gains from technological advances. We also propose reforms to the global system of governance that make the benefits of advances in artificial intelligence more inclusive.


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