Kuwait Bank starts RippleNet Money transfer service to Turkey
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  • After over a year of officially going live on RippleNet, KFH announced the development of its Ripple-run service to Turkey. 
  • KFH was one of the earliest adopters of RippleNet, partnering with Ripple in May 2018 and enacted the first blockchain transaction on the platform in August 2018.
  • The free transfer service has been introduced to meet the increasing demands and needs of KFH clients who required to sort out direct transfers for personal and investment reasons.

Digital banking has experienced a boost since the adoption of technology. Given how trade has escalated globally, the need of the hour was a quicker method for direct cross-border payments. Enter blockchain. 

Now, the Kuwait Finance House (KFH), one of the leading banking institutions based in Kuwait has announced that KFH members can make international direct money transfers to Turkey using RippleNet’s blockchain technology. 

In a statement, KFH’s Chief Retail & Private Banking Officer Walid Mandani affirmed that the bank has “completed all the procedures and technical tests,” which were required to initiate this service. 

The “immediate external transfer” service via the Ripplenet network will make the process “instant, reliable and cost-effective.” The banking firm said it will soon announce the actual operation of the service to ensure the technology if full-proof and efficient. 

Mandani said that the service comes after the escalating needs of the bank’s clients to carry out instant transfers to Turkey for personal and investment purposes. He added that the service will be complimentary for customers and will be available 24/7 on the bank website or via the IOS and Android mobile app.

Stressing on the benefits of the partnership with RippleNet, the blockchain network spawned from industry giant Ripple, Mandani said that it will strengthen “KFH’s leadership in implementing the digital transformation strategy,” and that it will boost the bank’s aim to enhance its investment in FinTech (financial technology) and digital banking services.

KFH went live on RippleNet in 2019 after it partnered with the blockchain network in May 2018. After a few pilot tests, it announced in 2019 that customers could now use its zero-fee remittance service to beneficiaries at Al Rajhi Bank in Saudi Riyal SAR.

Looking at this expansion, we can be sure to say that the bank will go from strength to strength by utilizing blockchain and will soon add more countries to its portfolio.