Although XRP’s poor market performance has alarmed some enthusiasts, Ripple has been able to soothe the community by delivering tremendous growth in terms of its global presence and partnerships. The Ripple team announced on Twitter a partnership with the Boubyan Bank of Kuwait.
Kuwait’s Boubyan Bank signs an agreement with @Ripple to provide instant transfer services to various parts of the world. The deal will give customers the ability to transfer money to any part of the world.
Boubyan Bank of Kuwait took the first step to join the Ripple network. The bank will then be able to take advantage of RippleNet’s premium services in the wire transfer industry.
Kuwaiti Boubyan Bank joins Ripple network
Worldwide, the number of banks benefiting from RippleNet technology’s fund transfer services is increasing day by day. According to a recently published report, a new Kuwaiti bank is joining these banks. For this, Boubyan Bank reportedly signed its first agreement with Ripple Labs Inc. With this, the bank will be able to take advantage of RippleNet’s first-class services in the remittance industry.
This new agreement must be approved by the Central Bank of Kuwait (KMB). If the agreement is approved by KMB, Boubyan Bank will offer new and successful experiences and good technical service to fund transfer to its users worldwide.
Thus, as soon as the deal is completed, Boubyan Bank customers will benefit from the fast and secure remittance service.
Abdullah El-Tuvaijri, the Bank’s CEO, said in a statement that Boubyan Bank will soon start to offer 24/7 funding and receiving services using RippleNet’s technology.
With this agreement, Boubyan Bank is expected to increase its annual profit. Recently, the bank reportedly reported a net profit of 14.25 million Kuwaiti Dinars (about $ 47 million) annually. The annual profit growth was 8.1 percent.
Earlier, Today’s Gazette reported that Kuwaiti Bank Al Ahli and Kuwaiti National Bank are using RippleNet for international transactions.
RippleNet currently dominates the global financial market and acts as a bridge that connects more than 200 traditional banks and payment providers, enabling cross-border transactions and operational consistency across a common network. While this is the latest in a long line of deals Ripple has signed with banks around the world, including several banks in the Middle East, the new agreement awaits approval from the Kuwaiti Central Bank.
Following Ripple’s ongoing partnership, enthusiasts began asking the cross-border giant to shift its focus on building alliances with the juggernauts rather than “small banks.” However, such suggestions have been contested by other Twitter users, one of them said:
You’re a bit short-sighted … XRP allows small banks to compete with the juggernauts. @SebastiantwJohn