Over 200 long list of Ripple partners is slowly adding more banks. The newest addition came into the form of Al Ahli Bank of Kuwait (ABK) that announced its partnership with Ripple to enable instant cross-border payments for its customers in and out of Kuwait.
As part of the agreement, ABK said it will be one of the few financial institutions in Kuwait that will be integrating Ripple’s technology into its existing services to reduce transactions time from days to seconds and further offer its customers’ immediate confirmations.
ABK will be joining RippleNet, decentralized global network of banks and payment providers. Somnath Menon, the chief operating officer (COO) at ABK had this to share about this partnership,
“This partnership with Ripple is aligned with our unwavering philosophy of reimagining a simpler bank. We have significant interests in cross border remittances and plan to harness the power of Blockchain technology for making global payments faster and more convenient for our customers. As smart technologies continue to rapidly transform the financial sector, we remain committed to enhancing our offerings to our customers, and staying ahead of the innovation curve.”
Al Ahli Bank of Kuwait (ABK) has been operating for over 50 years in the Gulf that offers a wide range of financial products and banking services to retail and commercial customers in Kuwait, Egypt and the United Arab Emirates.
Confirming about this partnership, Navin Gupta, managing director at South Asia and MENA at Ripple shared,
“We look forward to supporting ABK’s ongoing efforts to enhance its digital banking services, by providing our innovative blockchain solutions for speedy cross-border payments.”
Recently, Mohsen Al Zahrani, the Head of Innovation at Saudi Arabian Monetary Authority (SAMA) spoke about how the central bank of Saudi Arabia is encouraging the commercial banks of the country to use Ripple technology and revealed that two banks will be leveraging xCurrent and will roll out their services by Q1 of this year.
In its official statement, Dilip Rao, the global head of infrastructure innovation at Ripple said, “Central banks around the world are leaning into blockchain technology in recognition of how it can transform cross-border payments, resulting in lower barriers to trade and commerce for both corporates and consumers.”
“SAMA is leading the charge as the first central bank to provide resources to domestic banks that want to enable instant payments using Ripple’s innovative blockchain solution,” added Rao.