The National Bank of Kuwait (NBK) is officially the first financial institution in the country to adopt blockchain technologies as tools to improve its services and Ripple has become the first fintech to bring the blockchain into the world of Kuwaiti finance.
In an official press release posted on its website, NBK announced the creation of the "NBK Direct Remit", a remittance service developed with blockchain technology to offer a fast, economical and frictionless solution.
Dimitrios Kokosioulis, Deputy CEO-Group Operations & Technology commented that with this new partnership, Ripple's solution would allow the development of a model service with presence in more than 15 countries all over the world:
This service is a significant result as it allows our customers to make money transfers in seconds, efficiently and at their convenience at any time of the day. The launch comes as part of our commitment to respond to the needs of our customers wherever they are in the world, providing them with secure solutions and a global presence in 15 countries. "
For his part, Marcus Treacher, Ripple's Customer Success SVP commented on not only Ripple's enthusiasm in this milestone, but also underlined the company's commitment to improve and expand, thereby increasing the connection options between its customers.
"The National Bank of Kuwait (NBK) is an important partner in the region and we are thrilled to have started transferring real-time payments to our blockchain network on behalf of their customers and we will continue to work with NBK to connect them to multiple Ripple Net partners. so that their customers can make faster and cheaper payments anywhere in the world. "
The National Bank of Kuwait is considered the most important bank in the country, offering its services to both individuals and large companies domiciled in the territory of this important oil producer. According to Wikipedia, it has over $ 86 billion in total assets with a strong international presence with branches, subsidiaries and representative offices in Geneva, London, Paris, New York, Singapore, China, Lebanon, Jordan, Iraq, Egypt, Bahrain, Qatar , Saudi Arabia, United Arab Emirates and Turkey.