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Kuwait Finance House Confirms Using Ripple Tech. For Cross Border Remittances


Almost seven months after the Kuwait Finance House (KFH) announced that it was joining RippleNet, the bank has confirmed via twitter that it has started providing instant cross-border payments using Ripple technology. The exact Ripple technology being used by KFH has not been clarified at the moment of writing this. The announcement by KFH was as follows:

KFH has started operating an instant cross-border remittance service using Ripple’s blockchain technology. The zero fees “Instant International Transfer” service is available now in Saudi Riyal SAR where customers can make remittance transactions to beneficiaries at Al Rajhi Bank.

Kuwait Finance House Joining RippleNet Last May

The Kuwait Finance House became the first bank in the country to join RippleNet as announced in a May 2018 press release by the bank. The bank saw RippleNet as the future of international money transfers particularly in unique situations where time was a factor when sending the funds.

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2019-01-08 12:28:13

John P. Njui

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