Kuwait Finance House Recognizes Ripple as a World-class Partner

• Kuwait Finance House (KFH) has partnered with international fintech companies led by Ripple.
• The past two years have been transformative for Kuwait’s financial sector, especially after the country’s Central Bank facilitated the launch of Weyay, the first digital bank.

The Middle East has quickly transformed into a digital hub in a bid to leverage the full potential of web3 projects that are seeking to scale to global markets. One of the oil-rich states, Kuwait, has brought together different stakeholders in a bid to ensure proper regulations that attract more foreign investment.

In a recent conference in Kuwait that brought together different participants interested in digital transformation, the Kuwait Finance House (KFH) Executive Manager of Digital Transformation Tareq Al-Ajeel highlighted the major steps taken by the Islamic banking powerhouse to ensure a sustainable and compliant adoption of digital payments.

Notably, Tareq informed the panel and audience that the bank has partnered with blockchain payment company Ripple to facilitate seamless cross-border payments. He stressed the importance of instant cross-border payments in facilitating innovative financial solutions to customers. Moreover, KFH has experienced a huge influx of customers in the recent past with the third quarter recording more than 152 million digital banking transactions via the mobile and KFHonline platforms. With Ripple as a long-term partner, Tareq highlighted that customers can expect near-instant payments compared to traditional banking systems.

Ripple Transforms Kuwait Financial Sector Via XRP

Ripple and KFH announced their strategic partnership back in 2021, whereby the latter has leveraged the RippleNet payment technology to date. With KFH being the oldest and main bank in Kuwait, the strategic partnership with Ripple has significantly improved the liquidity and trading volume of XRP amid regulatory hostility in the United States. Ultimately, the KFH’s future outlook has significantly improved with Ripple as a banking partner, whereby the bank reported a 40 percent growth year over year during the third quarter.

It is worth noting that Ripple has made significant breakthroughs in the Middle East including a recent operational license in Dubai through the Dubai Financial Services Authority (DFSA). The endorsement of Ripple and its payment products in the Middle East and North Africa (MENA) region has played a major role in helping XRP maintain its top position among the thousands of digital assets.

According to our latest crypto market data, XRP price had rallied about 23 percent in the past week to trade around 69 cents on Monday. For the first time since the July summary judgment, XRP price has traded above the crucial resistance/support level between 58 cents and 64 cents. As a result, crypto experts believe that the XRP bulls are in full control and it is only a matter of time before a breakout above $1 takes place in the coming months.

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