Kuwait Finance House (KFH),the world leader in Islamic finance, joined RippelNet to use the Ripple Blockchain technology for cross-border funds transfers. This new membership would reduce costs and improve the speed of cross-border payments.
A generous donation leading to a wave of adoption
Ripple has been featured in many social and mainstream media after Ashton Kutcher sent $ 4 million in XRP at the Ellen's Wildlife Fund in Rwanda. When he was invited to the set of " The Ellen DeGeneres Show," Kutcher surprised Ellen DeGeneres on the air with her very generous gift.
This media overexposure sparked a series of Ripple adoption announcements (XRP), including KFH's. The central bank of Saudi Arabia, the UAE Stockexchange are among the major institutions of the Middle East to rally to RippleNet.A pioneering institution
KFH is the first bank in Kuwait - a state located in the Middle East, north of the Arabian Peninsula - to join RippelNet, says the tweet of the companyhttps://twitter.com/KFHGroup/status/1000347465080541184
Kuwait Finance House's operations span seven regions covering 485 branches, 1,000 ATMs and more than 15,000 employees.
However, the company has not yet specified the chosen system - xRapid or xCurrent - for money transfers.This is excellent news from Kuwait Finance House, which continues to add solid foundations to its main banking partners. The fact that KFH is the first bank in Kuwait to operate in this way will open the door for more customers to access services via the RIBL network, the Ripple said.What is your opinion on the decision of the first Kuwaiti bank to join RippleNet? Do you think other financial institutions in the Middle East will rally to RippleNet? Comment in the comments section below.