Connect with us


RippleNet member KFH launches cross-border payments to Turkey



Source: Pixabay

Despite Ripple facing two lawsuits from the United States’ Securities and Exchange Commission [SEC], its products still seem to be much sought-after. According to a recent update from one of the oldest RippleNet members, Kuwait Finance House [KFH], it is now launching an instant cross-border payments service to Turkey.

As per the announcement, the bank will be using Ripple’s technology to bridge the gap of cross-border payments with Turkey. Kuwait Finance House has been among the leading Islamic banking institutions in the world and it has been a member of RippleNet since May 2018. Ever since it went live on the RippleNet in 2019, the bank has had plans to launch a service of foreign direct money transfers using Ripple to Turkey.

According to Khaled Yousif Alshamlan, Group General Manager Retail Banking, users’ ability to conduct instant transfer to KFH-Turkey will not incur any fees and will be available through websites and mobile applications [IoS and Android]. While talking about the technological advancements Alshamlan noted that the blockchain-based instant payments were adding to the services provided by the banks.

Interestingly, the World Bank’s statistics of 2019 showed that Turkey’s personal-remittances received dropped to $810 million, whereas the remittances paid has grown to $1.659 billion. However, given the push COVID-19 provided to online transfers, we could see a rise in these values when data is provided for the past year – 2020.

Meanwhile, Kuwait was the recipient of $25.95 million in remittances in 2019 and it paid a cumulative of $14.78 billion in 2019. It was clear from the figures that Kuwait sent much more remittances than it received. The received remittances, however, made up only 0.019% of Kuwait’s GDP in 2019.

As technology advanced, the middle-east along with other parts of the world has been trying to regulate cryptocurrencies. In a recent push, the Central Bank of Bahrain [CBB] has issued a ‘Crypto Asset Services Company License- Category 2’ to CoinMENA, an exchange soon to be launched. The exchange will be Sharia-compliant and is certified by the Shariyah Review Bureau. Its services will be available to the residents of Bahrain, UAE, Saudi Arabia, Kuwait, and Oman.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.