Kuwait Finance House Calls Ripple a World-class Firm Amid Partnership for Instant Cross-border Service

KFH’s executive Al-Ajeel has described Ripple as an outstanding company amid the Ripple partnership for instant cross-border payments.

Tareq Al-Ajeel, Kuwait Finance House’s (KFH) executive manager of digital transformation, has recently shed light on the bank’s achievements in virtual banking, noting Ripple’s role in furthering the movement. 

While fielding questions during a conference, Al-Ajeel disclosed the existing strategic partnership with the San Francisco blockchain payment firm Ripple. He particularly described Ripple as one of the world-class companies they work with to launch instant cross-border payment services.

Notably, Al-Ajeel made the disclosures in a panel session during the recent Breaking Barriers conference held in Kuwait. Kuwait Times featured the development in a recent report.

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Per the report, the KFH executive stated that KFH’s online application had been a success. He noted that it garnered recognition for its efficiency and ease of use as it proved an innovative financial solution.

In particular, Al-Ajeel revealed that by the end of the third quarter of 2023, KFH customers had conducted over 152 million digital banking transactions through KFH’s online application via web and mobile. According to him, the figures marked a 40% growth compared to the previous year.

Furthermore, Al-Ajeel highlighted the crucial role that the COVID-19 pandemic played in accelerating KFH’s digital transformation journey. Also, he noted the bank keeps up with industry trend developments, such as Artificial Intelligence.

KFH-Ripple Partnership for Instant Cross-Border Payment

Meanwhile, the KFH’s executive emphasized their commitment to investing in more robust FinTech solutions and infrastructure development. He recognized them as necessities in the modern banking landscape. 

In this context, Al-Ajeel mentioned that KFH is cooperating with world-class companies such as Ripple to provide top-tier services. Notably, he cited that KFH partnered with Ripple to launch an instant cross-border payments service using Ripple’s technology. 

He stressed KFH’s intention to explore more collaborative efforts with emerging technology enterprises. The aim is to design and deliver innovative financial solutions to customers.

It is worth mentioning that Kuwait Finance House is a Shariah-compliant bank that holds the distinction of being the inaugural Islamic bank in the State of Kuwait.