Dubai, UAE: In alignment with its digital transformation strategy, Al Ahli Bank of Kuwait (ABK) today announced its partnership with financial technology firm Ripple to enable instant cross-border payments for its customers in and out of Kuwait. As early adopters of this technology, ABK will be one of the few financial institutions in Kuwait to reduce transaction times from days to a few minutes, for its customers.
ABK will integrate Ripple’s enterprise blockchain technology into its existing services to offer its customers immediate confirmations, on the back of a secure infrastructure. The Bank’s customers will now be able to send vital funds to family, friends and loved ones faster and more efficiently.
Through this partnership, ABK will join Ripple’s network “RippleNet”, a decentralised global network of banks and payment providers. This growing network aims at enabling an “internet of value”, allowing customers from different banks, to make payments globally with speed and assurance of receipt. The partnership will give ABK access to other “RippleNet” members, enabling the Bank to grow its cross-border payments business.
Speaking on the milestone collaboration, Somnath Menon, Group Chief Operating Officer at ABK said, “This partnership with Ripple is aligned with our unwavering philosophy of reimagining a simpler bank. We have significant interests in cross border remittances and plan to harness the power of Blockchain technology for making global payments faster and more convenient for our customers. As smart technologies continue to rapidly transform the financial sector, we remain committed to enhancing our offerings to our customers, and staying ahead of the innovation curve.”
“ABK is one of Kuwait’s leading banks, and we are excited to be partnering with them,” said Navin Gupta, Managing Director, South Asia and MENA at Ripple. “We look forward to supporting ABK’s ongoing efforts to enhance its digital banking services, by providing our innovative blockchain solutions for speedy cross-border payments.”
Al Ahli Bank of Kuwait (ABK) is one of the most respected and innovative banks in the region with more than 50 years of operation in the Gulf. With a strong vision focused on ‘Reimagining a Simpler Bank’, ABK offers a wide range of financial products and seamless banking services to retail and commercial customers in Kuwait, United Arab Emirates and Egypt.
Armed with a strong workforce, ABK offers its customers speed, convenience and security through its numerous branches, while continuously developing and enhancing its processes and systems to apply the latest technology.
Owing to its exceptional achievements and operational ethos, ABK was granted numerous accolades recognizing its innovation and growth potential from various reputable institutions including Asian Banker and International Finance Magazine. In addition, ABK was listed as one of the 50 safest banks in the Middle East by Global Finance.
For more information about ABK, please visit eahli.com or contact an ABK customer service agent via ‘Ahlan Ahli’ at 1899899.© Press Release 2019
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.