The National Bank of Kuwait (NBK) is officially the first financial institution in the country to adopt blockchain technologies as tools to improve its services and Ripple has become the first fintech to bring the blockchain to the world of Kuwaiti finance.
In an official press release published on its website, the NBK announced the creation of the “NBK Direct Remit,” a remittance service developed with blockchain technology to offer a fast, cheap and frictionless solution.
Mr. Dimitrios Kokosioulis, Deputy CEO- Group operations & Technology commented that with this new partnership, Ripple’s solution would allow the development of a model service with presence in more than 15 countries worldwide:
This service is a significant achievement as it enables our customers to make money transfers within seconds, efficiently and at their convenience anytime of the day. The launch comes as part of our commitment to responding to the needs of our customers wherever they are around the world, providing them with safe solutions and a global presence in 15 countries.”
For his part, Marcus Treacher, SVP of Customer Success at Ripple commented not only on Ripple’s excitement at this milestone but also emphasized the company’s commitment to improve and expand, thus increasing the connection options between its customers.
“The National Bank of Kuwait (NBK) is an important partner in the region, and we’re excited that they have begun moving live payments across our blockchain network on behalf of their customers. We will continue to work with NBK to connect them to more Ripple Net partners so their customers can make quicker, cheaper payments to anywhere in the world.”
The National Bank of Kuwait is considered as the most important bank in the country, offering its services both to individuals and to large companies domiciled in the territory of this important oil producer. According to Wikipedia, it has more than 86 Billion USD in total assets with a strong international presence with branches, subsidiaries, and representative offices in Geneva, London, Paris, New York, Singapore, China, Lebanon, Jordan, Iraq, Egypt, Bahrain, Qatar, Saudi Arabia, UAE, and Turkey.