Kuwait Financial House (KFH) already announced the use of Ripple’s payment technologies in August last year, and in this year’s annual report, the bank states that Ripple has helped it to further expand its market share and to better meet the needs of its customers.
“We have managed this year to accomplish several IT-supported projects […] using Ripple Technology and providing Skiplino service, thus providing better growth opportunities, better response to market needs and increasing our market share as a trustworthy bank.” KFH said.
This serves as an indication that Ripple is playing a big part in transforming the financial world with digital payment solutions. Major steps were considered to adopt Fintech and Blockchain technologies as fast as possible to take advantage of modern technologies. E-Payment methods were activated by making transfers through Ripple technology alongside Swift services, using SWIFT – GPI System.
KFH manages assets of $55 billion and has completed transactions with a volume of almost $35 billion in 2019. The use of Ripple will reduce transfer costs and time for customers and the company, enabling the bank to capture additional market share.