- Kuwait Finance House collaborates with Ripple Labs.
- Together they are elevating instant cross-border payments and digital banking innovation.
- KFH’s online application saw a 40% growth in transactions, accelerated by the pandemic.
Kuwait Finance House (KFH) is making strides in the world of virtual banking. With its executive manager of digital transformation, Tareq Al-Ajeel sheds light on the role of its strategic partnership with Ripple in achieving instant cross-border payment solutions.
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During the Breaking Barriers conference in Kuwait, Al-Ajeel praised KFH’s online application for its efficiency and innovation. He revealed that, by the end of the third quarter of 2023, KFH customers had conducted over 152 million digital banking transactions through the application, marking a 40% increase compared to the previous year.
The COVID-19 pandemic played a crucial role in accelerating KFH’s digital transformation journey, and the bank continues to keep up with industry trends, including Artificial Intelligence.
Al-Ajeel emphasized KFH’s commitment to investing in robust FinTech solutions and infrastructure development, essential in modern banking. The bank is collaborating with world-class companies like Ripple to offer top-tier services. KFH’s partnership with Ripple is aimed at launching an instant cross-border payment service using Ripple’s technology.
The strategic partnership between KFH and Ripple highlights their shared commitment to providing innovative financial solutions to customers. As a Shariah-compliant bank, KFH is dedicated to pioneering financial services in Kuwait and beyond.
This partnership showcases how traditional financial institutions are embracing blockchain technology and fintech solutions to enhance their offerings and provide more efficient and convenient services to customers.
With Ripple’s technology, KFH is poised to facilitate seamless cross-border payments for its clients, furthering its position in the evolving digital banking landscape. Much like UAE and its active pursuit in bringing the best of technology, Kuwait is also in the lead.
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