A Kuwaiti Bank Collaborates With Ripple And Is Waiting For Approval From The Central Bank

By Rishma Banerjee

As per recently published news, it seems that a new Kuwaiti bank is almost on its way to join the league of banks around the world which leverages RippleNet technology for fund transfer service. The Boubyan Bank is said to have collaborated with Ripple Labs Inc. in a maiden agreement to enjoy RippleNet’s top-notch quality services in the remittance industry.

This new agreement which awaits full endorsement from the country’s reserve bank, Central Bank of Kuwait (CBK), will hand in a well-defined tech service that will offer users new and groovy experience in transferring fund around the world, Zawya said.

Hence, customers of Boubyan Bank will begin to enjoy fast, secure and safe remittance service as soon as the deal is perfected.

According to a statement from the deputy CEO of the bank, Abdullah Al-Tuwaijri, Boubyan Bank will soon begin to offer 24/7 fund settlement service to any location around the world by leveraging the RippleNet’s technology.

Through the deal, it is envisioned that Boubyan Bank will step up its year-on-year profit. Recently in July, it was reported that the bank presented a net profit of 14.25 million Kuwaiti Dinar circa $47 million, a value which represents 8.1% year-on-year increase.

The latest development served as an extension of Ripple’s tentacles in the Middle East. Ripple blockchain technology has been at the forefront of Kuwaiti’s remittance industry, enticing top banks with its high profile utility services.

Earlier, Today’s Gazette reported that Al Ahli Bank of Kuwait and Kuwait National bank are using RippleNet to settle transaction internationally.

With the latest tool deployed by Ripple, xRapid, which is being put in place in signing deals, financial institutions are offered the use of XRP token in settling transaction.

Hence an excellent pedestal for the token in rising towards the pinnacle.