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FINAL WORD
Blockchain
bringing more
convenience and
security
With Blockchain increasing its
importance, we take a look at a couple
of significant developments in Kuwait.
K
KFH goes live on Ripplenet for money transfer
Kuwait Finance House (KFH), a member of RippleNet, has started
operating an instant cross-border remittance service, Instant
International Transfer, using Ripple’s Blockchain technology.
KFH announced this significant milestone after completing technical
preparations and conducting a number of pilot tests and then
obtaining Central Bank of Kuwait approval. The current zero fees
remittance is available now in Saudi Riyal SAR where customers can
make remittance transactions to beneficiaries at Al Rajhi Bank.
This service will expand to encompass more countries in different
currencies. The service allows KFH customers to make instant and
secure zero fees remittances through their accounts at kfh.com. This
affirms KFH’s strategy of adopting digitisation, delivering superior
customer service, while demonstrating excellence in operating
RippleNet remittance services in record time after it had announced
joining RippleNet last May.
Group Chief Operations Officer at KFH, Abdulla Abu Alhous, said
that KFH customers can now make instant remittance transactions
to a beneficiary account at Al Rajhi Bank utilising Ripple Net. He
hailed the joint efforts and the positive co-operation with the
representatives at Al Rajhi Bank, indicating this resonated with
expediting the transfer operations to Al Rajhi Bank.
Al Rajhi Bank is a strategic partner and it enjoys a prestigious status
in the record of the correspondent banks both in terms of co-
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