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Ripple: Al Ahli Bank of Kuwait partners with Ripple to enable fast and effective transactions

Namrata Shukla

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Al Ahli Bank of Kuwait [ABK] announced its partnership with Ripple on Thursday days in order to enable instant cross-border payments for its customers
Source: Pixabay

Al Ahli Bank of Kuwait [ABK] announced its partnership with Ripple on Thursday in order to enable instant cross-border payments for its customers in and out of Kuwait, reported Arabian Business. As they announced this partnership, ABK claimed to be one of the few financial institutions in Kuwait to reduce transaction times from days to a few minutes for its customers.

The bank will integrate Ripple’s enterprise blockchain technology into its existing services to offer its customers immediate confirmations. This will help the bank’s customers in sending money to friends, family and loved ones faster and more efficiently noted the bank.

ABK will be a part of the RippleNet, a decentralized global network of banks and payment providers. ABK’s group chief operating officer, Somnath Menon said:

“This partnership with Ripple is aligned with our unwavering philosophy of reimagining a simpler bank. We have significant interests in cross border remittances and plan to harness the power of Blockchain technology for making global payments faster and more convenient for our customers. As smart technologies continue to rapidly transform the financial sector, we remain committed to enhancing our offerings to our customers, and staying ahead of the innovation curve.”

ABK is not the only bank that Ripple has partnered with in Kuwait. The company has partnered previously with National Bank of Kuwait and Kuwait Finance House. @XRPCenter informed the community about the news by tweeting:

“*#Kuwait*

@Ripple is becoming the best option to send money into/from Kuwait. It has closed production agreements with the following banks:

1)@NBKPage (Largest bank)
2)@KFHGroup_Eng (2nd largest)
3)@Abk_kuwait (6th largest)

How could the rest compete?
#RippleNet”

Ripple’s MD of the MENA Region, Navin Gupta acknowledged this partnership and said:

“We look forward to supporting ABK’s ongoing efforts to enhance its digital banking services, by providing our innovative blockchain solutions for speedy cross-border payments”

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