A digital bank called RUUT is launching in the UK to serve the nearly one million Turkish diaspora residing there. The bank will provide retail and business accounts, along with cards and remittance services. The initiative is backed by Moka United, the fintech arm of Turkey’s largest private bank, İşbank, and UK fintech Algbra Labs, which supplies the technology. RUUT, an established brand aimed at facilitating money transfers for the Turkish diaspora in Europe, already has a beta version in Germany. However, the UK version promises a more comprehensive offering. RUUT will operate through regulated financial infrastructure partnerships and plans to expand its services across 27 EU countries. Halim Memiş, CEO of Moka United and RUUT, stated, “Through RUUT, we aim to deliver inclusive, user-friendly, and trusted digital banking experiences — beginning in the UK.”
