Ripple: First bank in Kuwait to open RippleNet-based payment corridor

  • Kuwait Finance House (KFH) becomes the first bank in the country to join RippleNet.
  • The bank opens a payment corridor for cross-border, free and instant payments to Turkey.

According to a report by Kuwait Times, one of the oldest banks in the country has joined RippleNet. According to the announcement, Kuwait Finance House (KFH) has launched an instant cross-border payment service for the payment corridor to Turkey. KFH will thus be the first bank in the Middle Eastern country to rely on Ripple’s cross-border payments technology.

Kuwait Finance House is among one of the most modern and advanced banks in the country, in an effort to adopt the latest financial technologies while providing customers with an excellent banking experience. In this regard, Group General Manager for Retail Banking at KFH, Khaled Yousif Alshamlan, said that the use of RippleNet will enhance the customer experience and is in line with KFH’s digital transformation strategy.

The instant cross-border payment service will serve customers who want to make instant transfers to Turkey for personal expenses or investments. Furthermore, Alshamlan stated that the instant remittance service from KFH to Turkey will be free of charge for the bank’s customers. The bank service offers the service 24/7, which is available through KFH online service on the website and mobile app (iOS and Android).

As Alshamlan noted, financial institutions will be able to “send payments anywhere instantly, reliably and cost-effectively by joining the growing, global RippleNet network.” Moreover, he pointed out that the “service enhances and facilitates customers’ cross-border payment methods through the trusted global banking network and maximizes the role of blockchain instant payments to provide the best service according to the highest quality standards.”

About Kuwait Finance House

KFH is listed on the Kuwait Stock Exchange (KSE) and offers a wide range of Islamic products and services across multiple regions. The bank is one of the largest in the country with 504 branches, 1,263 ATMs and around 15,000 employees in 2019. KFH Group currently operates in Kuwait, Turkey, as well as the Kingdom of Saudi Arabia, Jordan, the United Arab Emirates and Germany.

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