In a context where banking institutions are increasingly focused on the cryptocurrency sector, Kuwait Finance House (KFH), one of the largest banks in the Kuwait, has received significant support in its digital transformation efforts. As we will see during this article, this situation is explained in particular by a recent strategic partnership with Ripple.
Kuwait Finance House partners with Ripple to expand its cross-border payment services
According to comments from Tareq Al-Ajeel, the head of digital transformation at Kuwait Finance House, the banking institution has received significant support in its development efforts. This phenomenon is largely linked to a strategic partnership with Ripple, as well as the establishment of a cross-border payments service. Tareq Al-Ajeel notably highlighted the importance of KFH’s technological advances during the conference Breaking Barriers At Kuwait Monday, November 6.
🔥🔥#Kuwait Finance House Calls #Ripple a World-class Firm Amid Partnership for Instant Cross-border Service!! https://t.co/6Ttj6AlEbr pic.twitter.com/TykfGzNnuZ
— Flip The Chain (@flipthechain) November 5, 2023
Before continuing, it seems necessary to specify that the collaboration between Ripple and the Kuwait Finance House was put in place as early as 2021. At that time, companies in the crypto sector were facing an increasingly difficult regulatory environment in UNITED STATES due to repeated attacks from the Securities and Exchange Commission (SEC) and its current president, Gary Gensler.
In addition to facilitating transparent transactions, the partnership with Ripple has propelled KFH’s growth by 40% year-on-year in the third quarter. The bank recorded more than 152 million transactions on its digital platforms last year. This growth has been partly attributed to the Covid-19 pandemic, which has accelerated the adoption of artificial intelligence (AI) and prioritized investments in solutions FinTech.
Tareq Al-Ajeel also revealed that KFH is actively seeking collaborations with emerging technology companies to provide innovative financial solutions and improve service to its customer base. This approach is part of a broader digital overhaul marked by the launch of Weyay, Kuwait’s first digital bank. This development comes alongside Ripple obtaining an operational license issued by the Financial Services Authority of Dubai (DFSA).
In reaction to this news, the price of Ripple (XRP) benefited from an increase of 9.52% in the last 24 hours and 23.36% over the weekly period. This northward movement pulled the price of XRP to a high point of $0.7128.
With a market capitalization currently set at $38.21 billion, Ripple now ranks fourth in the crypto ecosystem. At the same time, we observe that the trading volume of XRP recorded an increase of 89.33% in comparison with the figures of the day before, so as to climb up to $3.22 billion.
Source : Cryptopolitan
On the same subject :
This article does not constitute investment advice in any way. The information provided here should not be used as a basis for making financial decisions. Cryptocurrency investments involve risks and may result in significant losses. You should only invest what you can afford to lose and carry out your own research before making any investment decisions.