Ripple has been trying to promote its technology almost everywhere in the world through partnerships with financial institutions. Ripple partnered with Al Ahli Bank of Kuwait in February in order to enable instant cross-border payments for the bank’s customers. AL Ahli Bank’s Chief Transformation Officer [CTO] recently spoke about the technology and how their bank created a broad network with its subsidiaries.
Salem Al Sarraf, Al Ahli Bank’s CTO, in the Ripple Regionals at MENA in Dubai have made a mobile app for the corridors by embedding the payments through the bank’s channels like mobile banking, Internet banking, and their branches. He said:
“The only thing the customers will notice, it is fast.”
He further added that:
“We have a subsidiary in Kuwait and we have a subsidiary in UAE which is owned by our ABK. So ABK have three branches in UAE and we have a subsidiary in Egypt with 34 branches. We said “Let’s put it between our entities.” So ABK Kuwait to ABK UAE to ABK Egypt. So that the base has been built between ABK group corridors.”
The CTO also demonstrated the transfer speed for international payments and how RippleNet powered on-demand payments. The partnership was announced by the Bank and Ripple with the clear motive to make the cross-border payments faster. ABK’s group chief operating officer, Somnath Menon had 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.”
Earlier, Ripple managed to crack deals with the National Bank of Kuwait and the Kuwait Finance House, before partnering with ABK. Ripple managed to gain the trust of these institutional investors, while its native coin XRP is fighting the bear.
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