Posted on

Ripple’s (XRP) Middle East Sojourn Heightened With Two Principal Kuwaiti Banks

The wave of Ripple adoption has taken a new dimension in the Middle East, especially. Countries like Saudi Arabia and United Arab Emirate (UAE) have signaled interest in using Ripple tools in cross border remittance, with the Saudi Arabian Monetary Authority (SAMA) claiming the partnership will save the country of roughly $200-$400 million per year system-wide.

In the same line, the UAE-based RAK Bank, popularly referred to as the National Bank of Ras Al-Khaimah, adopted RippleNet around September 2017, to enable instant, secure and frictionless payment transfer to recipient with accounts in India’s Axis Bank. The action was followed by Middle East’s largest money transfer firm, the UAE Exchange, who joined in adopting the blockchain protocol.

Then came Oman based BankDhofar, who announced late April that it has joined Ripple’s global enterprise blockchain network, RippleNet, as the first bank in Oman to tap from the tool desired by many.

Ripple tools, which includes it blockchain solutions, and it bi-directional messaging features are to be deployed by BankDhofar to save customers’ time and money during remittance process locally and internationally.

It appeared the acceptance has ended, until the Kuwait Finance House (KFH) joined in the step, becoming the Arab nation’s first bank to join RippleNet, a dependable blockchain network dedicated to international remittance payments.

In a surprising announcement, the Kuwaiti bank indicated it is joining in the use of RippleNet. Over 100 financial institutions queue for behind this tool purposely for cross border remittance, and other international transaction settlements. KFH is the first Islamic bank in Kuwait and one of the largest in the world, sees a great opportunity in the use of RippleNet owing to increasing praise the tool is amassing in recent time.

Before then, in the same country, National Bank of Kuwait (NBK) had signaled that it joined RippleNet to become the first Kuwaiti bank to join in the use of the tool for instant cross-border payments to customers.

The moves by Middle East banks could be seen as a necessary one, since their desire is to offer customers opportunity to experience a seamless and almost costless cross border payment gateway.

The peak of the region’s desire to partake in the deployment of RippleNet is seen in the hasty move by the two banks in Kuwait, giving the world an orientation that Ripple tools is a necessary gadget for cross-border payment. Ripple is engulfing the Middle East, with time, it may take over the region completely.

Posted on

Ripple's Enterprise Blockchain Network Adds a New Bank

Ripple’s global network of banks and payment providers has a new member.

Announced Monday, BankDhofar, an Oman-based financial investment management company, has joined RippleNet, a move the bank says enables it to provide global cross-border payments using Ripple’s blockchain technology, a press release states.

As such, the move is the latest that finds BankDhofar among an early set of blockchain movers in the Middle East. Earlier this year, BankDhofar joined Bankchain, a consortium of over 27 banks that was launched in February 2017 to explore blockchain solutions for the banking sector.

Dr. Tariq Taha, chief information officer at BankDhofar, commented:

“With this, we can provide instant, frictionless and secure cross border money transfers within seconds, with end-to-end visibility over the journey of the payment.”

BankDhofar notably did not say which Ripple products it is seeking to use to tap those benefits, nor if it was open to using XRP Ledger, the open-source codebase that utilizes the XRP cryptocurrency.

Still, the recent entrance into RippleNet blockchain network is a part of BankDhofar’s larger effort “Together 202o,” which aims in positioning the bank in the lead in the Gulf region. With the initiative, the bank aims to build innovative products, provide best customer experience and custom-made services for its customers.

“This initiative is part of BankDhofar’s continuous transformation plan, which is putting digital technology and innovation at the core of its strategy to improve the experience of its customers,” the release concluded.

Omani Riyals image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.