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Crypto in the middle east - must read imo


trident
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The National Bank of Kuwait (NBK) continues to introduce innovative and the newest technology solutions to meet the needs of customers, having partnered with RippleNet to offer customers a fast, safe and convenient cross border payments service, and making NBK the first bank in Kuwait to join the growing network of RippleNet globally.

NBK’s RippleNet solution brings innovation to the fundamentals of international remittances since the bank is in the process of applying this service in Kuwait as well as in its branches abroad after obtaining the necessary approvals from the regulatory bodies, led by the Central Bank of Kuwait.

NBK Deputy Group CEO Mrs. Shaikha Al Bahar said: “We are delighted to join RippleNet and access the fast-growing network that connects the network members and other financial institutions. This solution will improve our customers experience dramatically where we will be able to provide instant fund transfers with end-to-end tracing and tracking solutions which is available currently in global and some GCC markets including UAE and Saudi Arabia. This is also in-line with National Bank of Kuwait (NBK) strategy to adopt the latest technologies which mutually benefits both the bank and our esteemed clients.”

“This announcement represents NBK commitment to adopt the latest practical solutions and reflects our ability to transform NBK to digital bank with world class services and solutions, and yet we are still maintaining our corporate identity and without affecting our regulatory compliance”, Al Bahar added.

Managing Director of Southeast Asia and MENA, Ripple, Mr. Navin Gupta said:” We are glad to have NBK join our network as the first banking partner in Kuwait. It holds a reputation of providing innovative services that comply with international standards all while ensure safe transactions to their customers. This agreement will enable NBK to use innovative blockchain technology to support speed and secured remittances both for domestic & International destinations.”

“By joining Ripple’s growing,  global network, financial institutions like NBK can process their customers’ payments into and out of Kuwait instantly, reliably and cost-effectively, as well as expand their payments solutions into new markets - including those that are otherwise too difficult or expensive to reach”, he added.

“With offices in San Francisco, New York, London, Sydney, India, Singapore and Luxembourg, Ripple already has more than 140 customers around the world. Joining RippleNet enables banks to process cross-border payments in real time with end-to-end tracking and certainty of settlement”, Gupta said.

National Bank of Kuwait continues to collectively enjoy the highest credit ratings from the three international rating agencies; Moody’s, Fitch Ratings and Standard and Poor’s. The Bank’s ratings are supported by its high capitalization, prudent lending policies, and its disciplined approach to risk management, in addition to its highly recognized and very stable management team. NBK also maintains its position among the 50 safest banks in the world for the twelfth consecutive year.

NBK Group has the widest banking presence in four continents worldwide. NBK’s international presence spans many of the world’s leading financial centers including London, Paris, Geneva, New York and Singapore, as well as China (Shanghai). Meanwhile, regional coverage extends to Saudi Arabia, UAE, Bahrain, Lebanon, Egypt, Jordan, Iraq, and Turkey.

For more information about the latest technology solutions and services offered by NBK, please visit: NBK.com

 
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But this came out yesterday...

Ripple: First bank in Kuwait to open RippleNet-based payment corridor

Jake Simmons By Jake Simmons February 2, 2021
Sundays-Photography-Ripple-1000x600.jpg
  • Kuwait Finance House (KFH) becomes the first bank in the country to join RippleNet.
  • The bank opens a payment corridor for cross-border, free and instant payments to Turkey.

According to a report by Kuwait Times, one of the oldest banks in the country has joined RippleNet. According to the announcement, Kuwait Finance House (KFH) has launched an instant cross-border payment service for the payment corridor to Turkey. KFH will thus be the first bank in the Middle Eastern country to rely on Ripple’s cross-border payments technology.

Kuwait Finance House is among one of the most modern and advanced banks in the country, in an effort to adopt the latest financial technologies while providing customers with an excellent banking experience. In this regard, Group General Manager for Retail Banking at KFH, Khaled Yousif Alshamlan, said that the use of RippleNet will enhance the customer experience and is in line with KFH’s digital transformation strategy.

The instant cross-border payment service will serve customers who want to make instant transfers to Turkey for personal expenses or investments. Furthermore, Alshamlan stated that the instant remittance service from KFH to Turkey will be free of charge for the bank’s customers. The bank service offers the service 24/7, which is available through KFH online service on the website and mobile app (iOS and Android).

As Alshamlan noted, financial institutions will be able to “send payments anywhere instantly, reliably and cost-effectively by joining the growing, global RippleNet network.” Moreover, he pointed out that the “service enhances and facilitates customers’ cross-border payment methods through the trusted global banking network and maximizes the role of blockchain instant payments to provide the best service according to the highest quality standards.”

About Kuwait Finance House

KFH is listed on the Kuwait Stock Exchange (KSE) and offers a wide range of Islamic products and services across multiple regions. The bank is one of the largest in the country with 504 branches, 1,263 ATMs and around 15,000 employees in 2019. KFH Group currently operates in Kuwait, Turkey, as well as the Kingdom of Saudi Arabia, Jordan, the United Arab Emirates and Germany.

 
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Good read, just getting my head around crypto currency platforms.  Any recommended quantum platforms to purchase is appreciated.  Looking for crypto to fiat (gold) currency platforms.  Now the naïve question.  What trading platforms are used, i.e. TD Ameritrade, Schwab are use to purchase?  

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1 hour ago, 82Corp. said:

Good read, just getting my head around crypto currency platforms.  Any recommended quantum platforms to purchase is appreciated.  Looking for crypto to fiat (gold) currency platforms.  Now the naïve question.  What trading platforms are used, i.e. TD Ameritrade, Schwab are use to purchase?  

As i said above I would recommend (uphold.com). Coinbase.com is an excellent platform imo but unfortunately XRP is on hold with them for the time being, much like many other USA brokers. Hope that helps 82Corp

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Trident and MD11 appreciate the info.  The platform is what I was looking for.  I to have TD, Schwab just didn't know a crypto platform.  There's over whelming information out there right now.  Thank you appreciate the advice.

 

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