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Kuwait Finance House (KFH) has become the first bank in Kuwait to join Ripple’s blockchain network.
RippleNet is Ripple’s enterprise blockchain network with over 100-member banks and financial institutions. KFH said that it joined RippleNet to facilitate instant cross-border payments by leveraging blockchain technology.
KFH is the First Bank in Kuwait to Join RippleNet for cross-boarder Instant Payments utilizing blockchain technology
— Kuwait Finance House (@KFHGroup) May 26, 2018
“This is great news for the Kuwait Finance House, as it continues to add solid foundations to the major banking partnerships. The fact that KFH is the first bank in Kuwait to operate in this way will pave the way for more customers to access services through the RIBL network,” a Kuwait Finance House spokesperson said (as quoted by LiveBitcoin News).
Kuwait Finance House is the first Islamic bank established in 1977 in the State of Kuwait. Its banking network spans across seven regions worldwide, with 430 branches, over 790 ATMs and approximately 8,600 employees.
