National Bank Of Kuwait To Use RippleNet For Cross-Border Payments

A new project launched by the National Bank of Kuwait named ‘’NBK Direct Remit’’ is a blockchain based project that according to the latest blockchain news, will use RippleNet for cross-border payments within the nation.

The launch of the project only extends to supporting payments close to Jordan but the National Bank of Kuwait plans to launch the project in another 15 countries soon in order to make sure that this project will preserve the country’s primary way of transacting money:

‘’Focused on digital transformation, NBK has previously launched successful and innovative products that serve different segments, including the NBK Tap & Pay, QuickPay, NBK SelfiePay, cardless cash withdrawal, Biometric Cards, in addition to the continuous enhancements to the NBK Mobile Banking App and other services that make our customer’s banking experience an enjoyable one.’’

Kuwait is going strong for mainstream integration of the blockchain since last year the country experienced one of the worst per-capita incomes in a long time. Implementing blockchain is a good strategy to stimulate activities that will boost the income in the country.

The Vice President of Customer Success at Ripple Marcus Treacher, while talking about the integration, pointed out:

‘’The National Bank of Kuwait (NBK) is an important partner in the region, and we’re excited that they have begun moving live payments across our blockchain network on behalf of their customers. We will continue to work with NBK to connect them to more RippleNet partners so their customers can make quicker, cheaper payments to anywhere in the world.’’

Kuwait is one of the MENA countries that are integrating blockchain in important fields such as Dubai which is a leading country for blockchain-oriented projects.