Kuwait Partners with Ripple To Introduce Cross-border Payment Services

Kuwait’s Finance House partnered with Ripple, the crypto company behind the XRP token, to introduce instant cross-border payment services.

KFH has lauded Ripple’s expertise in the field, and the collaboration is expected to benefit the Middle Eastern nation economically.

KFH’s executive manager of digital transformation, Al-Ajeel, has revealed that the bank’s customers have carried out more than 150 million digital banking transactions through the entity’s online application by the end of the third quarter of 2023.

He also announced KFH’s intention to pursue other major trends in innovation, such as Artificial Intelligence (AI).

In the past few weeks, Ripple has secured two more significant deals. The National Bank of Georgia (NBG) has chosen Ripple to lead its central bank digital currency (CBDC) efforts.

“We were pleased to select Ripple as the official technology partner for our Digital Lari (GEL) pilot project following a thorough review of all shortlisted parties,” Natia Turnava – a member of the financial institution – said.

The Ripple-KFH partnership, which began in 2021, has significantly boosted XRP’s liquidity and trading volume, especially in the face of regulatory challenges in the United States.

Notably, KFH reported a 40% year-over-year growth in the third quarter, highlighting the positive impact of the Ripple collaboration on the bank’s future prospects. Furthermore, Ripple has expanded to the Middle East, where the Dubai Financial Services Authority (DFSA) has approved XRP for use within the Dubai International Financial Centre (DIFC).

Ripple’s presence and endorsement in the Middle East and North Africa (MENA) region have helped maintain XRP’s prominent position among digital assets.

Recent data reveals that XRP’s price has surged by around 23% in the past week, trading at approximately 69 cents at the beginning of the week. This is the first time XRP has traded above the critical resistance/support level between 58 cents and 64 cents since the July summary judgment.