Kuwait Finance House is the leading financial investor in Kuwait. The announcement comes at a time when RippleNet network is continuing to surge popularity. More and more organizations are collaborating with Ripple for global payments.
KFH said the partnership would enhance the bank’s Sharia-compliant products. Also, the collaboration will boost international payments using the blockchain technology. Ultimately, moving on, Kuwait Finance House clients will enjoy sending and receiving payments at low cost.
The Kuwait Finance House has 485 branches around the country and operates in seven regions. It has employed more than 15, 000 workers, and has more than 1,000 ATMs. The Central bank of Saudi Arabia and the UAE stock exchange are the financial institutions that have already partnered with Ripple.
Confirming the alliance, Kuwait Finance House posted a tweet on their official account:
KFH is the First Bank in Kuwait to Join RippleNet for cross-boarder Instant Payments utilizing blockchain technology
— Kuwait Finance House (@KFHGroup) May 26, 2018
Ripple, is yet to explain whether the Kuwait Finance House will use the xRapid or xCurrent system to send payments. In a statement Ripple said:
“This is important news for Kuwait Financial House, as it keeps on moving to add rigid foundations to the major banking partnerships. The fact that KHF is the first bank in Kuwait to function paving the way for more consumers to obtain more services through the RIBL network”
Ripple (XRP) has completed integration with several banks around the globe to provide secure and fast transactions at a low cost. For instance, Propy, a real estate firm announced that investors can now buy and sell properties using XRP.
Uphold, the digital payment platform has also partnered with RippleNet. The platform allows users to buy crypto with USD, make deposits and withdrawals. Furthermore, Revolut, a mobile banking app has also integrated XRP in its system. As a result, its 2 million users will be able to buy and sell the digital asset.
On 1st June, Tapjets, an online private jet charter company announced that they would add XRP as a payment method. eToro, a multi-asset brokerage, and a social trading network company released a study of its clientele. The study revealed that Ripple is the Ripple was the most profitable crypto coin in 2017.