The National Bank of Kuwait (NBK) is officially the first financial institution in the country to use blockchain technology as a tool to improve its services, and Ripple is the first fintech company to bring blockchain to the world of Kuwaiti finance.
In an official press release posted on its website, the NBK announced the creation of the “NBK Direct Remit”, a remittance service developed using blockchain technology to offer a fast, affordable and smooth solution.
Dimitrios Kokosioulis, Deputy CEO of Group Operations & Technology stated that Ripple’s solution with this new partnership would enable the development of a model service with a presence in more than 15 countries worldwide:
This service is a significant achievement as our customers can efficiently and conveniently complete money transfers at any time of the day within seconds. The rollout is part of our commitment to responding to the needs of our customers around the world, providing them with secure solutions and a global presence in 15 countries. “
Marcus Treacher, SVP for Customer Success at Ripple, commented not only on Ripple’s enthusiasm for this milestone, but also emphasized the company’s commitment to improvements and enhancements, expanding the connectivity options among its customers.
“The National Bank of Kuwait (NBK) is a key partner in the region and we are delighted that they have started moving live payments over our blockchain network on behalf of their customers. We will continue to work with NBK to connect them with more Ripple Net partners so their customers can pay faster and cheaper anywhere in the world. “
The National Bank of Kuwait is considered the most important bank in the country and offers its services to both private individuals and large corporations based in the territory of this important oil producer. According to Wikipedia, the company has total assets of more than $ 86 billion with a strong international presence and offices, subsidiaries and representative offices in Geneva, London, Paris, New York, Singapore, China, Lebanon, Jordan, Iraq, Egypt and Bahrain, Qatar , Saudi Arabia, United Arab Emirates and Turkey.