Ripple has collaborated successfully with institutions around the world and his recent focus seems to be on the institutions of the Middle East. As per reports, Ripple has collaborated with institutions of various Gulf region countries on its Ripple Net network.
Ripple is a partner in Kuwait after Dubai and Bahrain
Ripple has strategically captured the Middle East market, country by country, and has won some big partners. The recent addition to this list is National Bank of Kuwait which ahas stated that it will use RippleNet for its Direct Remit service.
For the first time in Kuwait: Send money instantly with NBK Direct Remit. Log in to NBK Online Banking using RippleNet’s Blockchain technology. NBK Direct Remit is currently available for Jordan. https://t.co/hcxitTSnea pic.twitter.com/sARUJplZjd
— National Bank of Kuwait (@NBKPage) December 26, 2018
This service allows users to securely and digitally transfer to payees 24 hours a day, 7 days a week, only for KD 1 per transaction. The service is currently available only for money transfer in Jordan and the bank intends to soon and add services to more countries.
The National Bank of Kuwait is not Ripple's sole partner in the Middle East region. There was a clear interest in the Ripple technology shown by the financial institutions of the region, since the largest Islamic bank of Saudi Arabia Al-Rajhi and Kuwait Finance House are already members of RippleNet.
Why does Ripple focus on the Middle East regions?
Innovation for Ripple's global infrastructure Dilip Rao was quoted as speaking at a conference in Dubai where he informed about how Ripple's technology could be of great help in the Middle East region which is currently full of migrant workers who often transfer small amounts of money to the # 39; order. He was quoted saying,
"If you want to send this money, in particular you are not clear on what the commissions the bank will charge from the other side, and therefore, what you receive may be substantially lower than what you sent. workers, this can often be a small sum of money, $ 200, and commissions for these small payments can go up to 5-10% .This in reality hurts people who can afford it less. "
As for the interest in the Middle East, Rao mentioned,
"We have so far signed about 200 financial institutions around the world, many of them from this part of the world … Now we have three banks in Saudi Arabia, two in Kuwait, one in Bahrain, one in Oman, one pair in United Arab Emirates here, and it's really our fastest growing market. "
The ripple seems to be the revision of the Middle East and the speed with which Ripple moves, it seems that in a moment the whole Middle East will be on the Ripple network.
Will Ripple be able to grow at this rate even in 2019? Let us know your opinions on the same