Kuwait Finance House (KFH) is the first bank in Kuwait to join RippleNet, a global corporate Blockchain network suitable for remittance services. KFH will use Ripple’s unique tool for cross-border payment. This comes as part of KFH efforts to keep abreast of latest technology and solutions in banking industry.
With this KFH can provide instant and secure cross border money transfers within seconds, with end-to-end visibility over the journey of the payment. The Bank joined RippleNet and can access many of its member banks and other financial institutions utilizing blockchain for instant payments.
KFH is keen on putting digital technology and innovation at the center of its strategy to improve the experience of its customers while reflecting its leadership position especially that it operates in seven regions, has 485 branches, 1,000 ATM's and more than 15,000 employees.
Being the first bank in Kuwait to join RippleNet, KFH will be able to improve customer satisfaction by maximizing operational efficiency, security and transparency. KFH will pave the way for customers to access RippleNet services. This will be subject to CBK approval before customers can use it.