|28 May, 2018

KFH first bank in Kuwait to Join RippleNet for cross-border instant payments

Utilizing blockchain technology.

KFH first bank in Kuwait to Join RippleNet for cross-border instant payments

Kuwait: Kuwait Finance House (KFH) is the first bank in Kuwait to join RippleNet, a global corporate Blockchain network suitable for remittance services. KFH will use Ripple’s unique tool for cross-border payment. This comes as part of KFH efforts to keep abreast of latest technology and solutions in banking industry.

With this KFH can provide instant and secure cross border money transfers within seconds, with end-to-end visibility over the journey of the payment. The Bank joined RippleNet and can access many of its member banks and other financial institutions utilizing blockchain for instant payments.

KFH is keen on putting digital technology and innovation at the center of its strategy to improve the experience of its customers while reflecting its leadership position especially that it operates in seven regions, has 485 branches, 1,000 ATM's and more than 15,000 employees.

Being the first bank in Kuwait to join RippleNet, KFH will be able to improve customer satisfaction by maximizing operational efficiency, security and transparency. KFH will pave the way for customers to access RippleNet services. This will be subject to CBK approval before customers can use it.

Kuwait Finance House (KFH)

KFH was established in Kuwait in 1977 and is enlisted in the Kuwait Stock Exchange. KFH Group is a global pioneer in the field of Islamic banking services, where it offers a wide array of Islamic products and services, not to mention a high standard of innovation and customer service.

KFH manages its operations in the GCC, Asia, and Europe through over 480 branches, including KFH-Turkey, in order to offer services for the bank's customers in Turkey, Malaysia, Saudi Arabia, Bahrain, Germany, and the UAE.

KFH's mission is to achieve highest levels of excellence and innovation in the field of customer service, while developing common interest for all those concerned with the financial institution. KFH's vision is to spearhead the global development in Islamic financial services, and to upgrade the bank into the level of becoming the most sustainable profitable Islamic bank in the world.

KFH's values include cementing leadership through all its businesses, including leadership in the Islamic banking services worldwide, through innovation, superior customer service and the development of its employees. In addition, KFH is committed to all its procedures, and to setting up long-life partnerships with the concerned authorities.

For more information, please visit: www.kfh.com

© Press Release 2018

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