Turkey’s İşbank is set to launch a new digital banking brand in the UK, named Ruut, through its fintech arm, Moka United. To support this initiative, the bank has partnered with Algbra Labs, a subsidiary of the ethically-focused and sharia-compliant UK fintech firm, Algbra.
The partnership entails a multi-phase agreement that will introduce a comprehensive Fintech-as-a-Service platform. This will empower Ruut to manage client accounts effectively, offer customer-named accounts while serving as an authorized electronic money distributor, and pave the way for Ruut to obtain a full Electronic Money Institution (EMI) license. Algbra Labs will provide crucial banking and payments infrastructure throughout this process.
Moka United aims to have a fully functional platform within six months and is targeting the UK-Turkey financial corridor, which facilitates over £28 billion in annual trade and remittances, including a diaspora of approximately 600,000 individuals.
Halim Memiş, CEO of Moka United and Ruut, stated, “With Ruut, we strive to provide inclusive, user-friendly, and reliable digital banking experiences in the UK. Algbra’s technological expertise and commitment to ethical practices align perfectly with our vision for a long-term partnership.”