Kuwait Finance House (KFH) has recently formed partnerships with international fintech companies, led by Ripple, to revolutionize the country’s financial sector. Over the past two years, Kuwait has seen significant developments in its financial industry, particularly with the launch of Weyay, the first digital bank facilitated by the country’s Central Bank.
Kuwait has become a digital hub in the Middle East, embracing web3 projects and attracting foreign investment through the implementation of proper regulations. In a conference in Kuwait focused on digital transformation, Tareq Al-Ajeel, the Executive Manager of Digital Transformation at Kuwait Finance House, discussed the steps taken by the bank to ensure a sustainable and compliant adoption of digital payments. Among these steps, he highlighted the partnership with Ripple to facilitate seamless cross-border payments and emphasized the importance of instant cross-border transactions in providing innovative financial solutions to customers.
KFH has experienced a significant increase in customers, with the third quarter alone recording more than 152 million digital banking transactions through its mobile and online platforms. With Ripple as a long-term partner, Tareq Al-Ajeel assured customers that they can expect near-instant payments compared to traditional banking systems.
The strategic partnership between Ripple and KFH was established in 2021, with KFH leveraging RippleNet’s payment technology. As the oldest and main bank in Kuwait, KFH’s partnership with Ripple has not only improved the liquidity and trading volume of XRP but also enhanced the bank’s future outlook. During the third quarter, KFH reported a 40 percent year-over-year growth, attributing much of this success to their collaboration with Ripple.
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Ripple has made significant breakthroughs in the Middle East, including obtaining an operational license in Dubai through the Dubai Financial Services Authority (DFSA). Ripple’s endorsement and the popularity of its payment products in the Middle East and North Africa (MENA) region have played a crucial role in helping XRP maintain its top position among thousands of digital assets.
The recent crypto market data shows that the price of XRP rallied about 23 percent in the past week, trading at around 69 cents on Monday. Breaking the crucial resistance/support level between 58 cents and 64 cents for the first time since the July summary judgment, experts believe that the XRP bulls are in full control. Many anticipate a breakout above $1 in the coming months.
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In conclusion, Kuwait Finance House’s partnership with Ripple and other fintech companies marks a significant development in Kuwait’s financial sector. By embracing digital transformation and facilitating seamless cross-border payments, KFH aims to provide innovative financial solutions to its customers. With Ripple’s support, KFH has experienced significant growth and remains optimistic about its future prospects. As Kuwait continues to position itself as a digital hub in the Middle East, such partnerships will play a crucial role in attracting foreign investment and driving further advancements in the country’s financial industry.
