By Tobi Loba
Kuwait Financial House (KFH), one of the leading banking institutions based in Kuwait, has finally announced a RippleNet-powered payment service to Turkey, after about 2 years of its partnership with Ripple, the San Francisco based blockchain tech.
Since the adoption of technology, digital banking has experienced exponential growth. At the same time, trading activity has also experienced a drastic boost.
The demand for quicker and cost-effective cross-border payments has increased, which has raised competition among the firms that provide such a service across the world, including Ripple.
Kuwait Financial House (KFH) to Use RippleNet for Payment Service to Turkey
Kuwait Financial House (KFH) is one of the earliest adopters of RippleNet. KFH sealed a partnership with Ripple in May 2018 and enacted the first blockchain transaction on the platform in August 2018.
Now, the Kuwait bank has announced that KFH customers can start making direct money transactions to Turkey using RippleNet blockchain technology.
According to KFH’s Chief Retail and Private Banking Officer, Walid Mandani, the bank has completed all the necessary procedures and technical tests that were needed before launching the service.
Mandani acknowledged the capability of RippleNet by stating that the immediate external transfer service through the RippleNet network will initiate instant, reliable, and cost-effective payments.
The Need of KFH That Calls for RippleNet’s Service
According to Mandani, the increasing needs of the customers of the bank to carry out instant transfers to Turkey for personal and investment purposes called for RippleNet’s service, adding that it will serve as a complimentary service for customers and it will be made available every hour and day of the week on KFH’s official website or via its Android mobile app and IOS.
Benefits of Kuwait Financial House (KFH)’s Partnership with RippleNet
Mandani also stressed the benefits of Kuwait Financial House (KFH)’s Partnership with RippleNet. He said it will enhance KFH’s leadership in implementing the digital transformation strategy and will as well foster the bank’s aim of boosting its investment in FinTech and digital banking services.