Kuwait Finance House (KFH) executive manager of digital transformation, Tareq Al-Ajeel, has commended Ripple as a world-class firm during a panel session at the Breaking Barriers conference in Kuwait. The praise comes in the context of KFH’s partnership with Ripple to enable instant cross-border payments.
Al-Ajeel highlighted the success of KFH’s online application, which has facilitated over 152 million digital banking transactions by the end of Q3 2023, representing a remarkable 40% year-over-year growth.
He also emphasized KFH’s dedication to investing in robust FinTech solutions and infrastructure development, recognizing their importance in the modern banking landscape. The partnership with Ripple is a testament to this commitment.
“We are partnering with world-class companies such as Ripple to provide top-tier services. We are also interested in exploring more collaborative efforts with emerging technology enterprises to design and deliver innovative financial solutions to our customers,” Al-Ajeel stated.
KFH, as the inaugural Islamic bank in Kuwait, holds a prominent position as a Shariah-compliant bank.
KFH’s Recognition of Ripple’s World-Class Status
KFH’s acknowledgment of Ripple as a world-class firm serves as a significant endorsement for the blockchain payment company. The partnership between KFH and Ripple to introduce instant cross-border payments demonstrates the increasing adoption of Ripple’s technology by financial institutions.
The success of KFH’s online application further solidifies the bank’s reputation for efficiency and user-friendly digital banking services. With over 152 million digital banking transactions conducted through KFH’s online application via web and mobile platforms, the bank has experienced substantial growth compared to the previous year.
Al-Ajeel attributed the acceleration of KFH’s digital transformation journey to the COVID-19 pandemic, which prompted the bank to adapt and innovate. He also highlighted KFH’s commitment to staying abreast of industry trends, including advancements in Artificial Intelligence.
Ripple’s Growing Influence and the Future of Cross-Border Payments
The partnership between KFH and Ripple represents a significant development within the Middle Eastern banking landscape. It signifies the increasing recognition of blockchain technology’s potential to revolutionize the financial services industry.
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Ripple’s technology is already being utilized by numerous major financial institutions worldwide. The collaboration with KFH further reinforces Ripple’s dedication to providing innovative and efficient payment solutions.
As the penalty phase of the Ripple lawsuit approaches, the outcome of the legal proceedings will be closely watched by industry experts and observers. The partnership between KFH and Ripple adds another layer of significance to the case, as it showcases the practical application and adoption of Ripple’s technology in the real-world banking sector.
The recognition of Ripple as a world-class firm by KFH and their joint efforts to enhance cross-border payments highlight the ongoing transformation of the financial industry. As technology continues to shape the future of banking, partnerships like this one pave the way for more efficient and seamless global transactions.
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