Kuwait Bank Announces RippleNet-Powered Payment Service to Turkey
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A recent report revealed that the Kuwait Financial House (KFH) is touting the use of Ripple’s payment solution, alongside SWIFT for payment in 2019.

This serves as an indication that Ripple is playing a big part in transforming the financial world with digital payment solutions. This is one of the welcoming news, which Ripple has recorded over the past weeks.

Recall that Herald Sheets had once reported that KFH affirmed Using RippleNet to foster over 100 Million transactions in just a year, which reveals the speed and scalability of the network.

An XRP community member, identified on Twitter as WrathofKahneman, reported this new development a couple of hours ago.

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WrathofKahneman shared this “Kuwait Financial House in today’s Kuwait Times touting the use of Ripple alongside SWIFT for payments. The copy is lifted directly from their recent 2019 Annual Report.”

Details about KFH Touting Ripple’s Contribution to Its Success In 2019

In the tweet, WrathofKahneman said the information is in the KFH recently released 2019 annual report, but directly featured in Kuwait Times on 15th April 2020.

The statement that depicts KFH’s vision in digitizing payments by featuring Ripple, as inferred from Kuwait Times, can be seen below:

Digital transformation shall fulfill customers’ needs. Customer classification programs would be developed in a new innovative manner and technology would be the key to success and outstanding customer service and not only a cost optimization tool.

Major steps were considered to adopt Fintech and Blockchain technologies as fast as possible to take advantage of modern technologies. E-Payment methods were activated by making transfers through Ripple technology alongside Swift services, using SWIFT – GPI System.

About Kuwait Financial House (KFH)

Kuwait Financial House (KFH) is seen as a forerunner in the banking phenomenon known as Islamic Finance or Shari’a Compliant Banking.

KFH is the first Islamic bank, founded in 1977 in the State of Kuwait. And it has today grown to become one of the leading Islamic financial institutions in the world.

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.