Ripple’s Blockchain solution for cross-border payments will bolster the banks Shari’a compliant products
Announced today, Kuwait Finance House has joined RippleNet, a move which will enable the bank to provide cross-border payments using Ripples blockchain technology.
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
The RippleNet partnership is a world’s first in the Kuwaiti banking system and is part of a framework strategy to adopt blockchain technology to provide a cutting edge customer experience.
Customers will now be able to make rapid international transfers with considerably lower transaction fees.
Kuwait Finance house is a global leader in Islamic banking with operations spanning seven regions, 485 branches, 1,000 ATM’s and more than 15,000 employees.
“This is great news for the Kuwait Finance House, as it continues to add solid foundations to the major banking partnerships. The fact that KFH is the first bank in Kuwait to operate in this way will pave the way for more customers to access services through the RIBL network”
With adoption continually growing, Ripple is fast becoming the blockchain solution of choice for many pioneering banks.