Kuwait Finance House tests Blockchain cross border payment with KSA

It seems more and more banks are getting onto the bandwagon of Blockchain. In August the Kuwait Finance House confirmed that it successfully completed its first cross-border transaction using Ripple Technology. To date Ripple has signed on banks in KSA, Kuwait and UAE.

In a 6-month period from the announcement of the partnership with Ripple in May, Kuwait Finance house was able to carry out the transaction.

Kuwait finance House released a video confirming the transaction on Reddit. The video showcases how the transaction was made to Al Rajhi Bank in KSA as part of a trial. According to KFH this makes the bank the first in the region to complete a blockchain based transaction. Once testing is complete the bank will publicly release the platform. The video also notes that this was the first successful transaction in KSA through the Saudi Funding House platform.

KFH still needs to have the final approval from the Central Bank of Kuwait before releasing the platform.

Lara Abdul Malak

Lara has been a journalist and writer in the technology field since her graduation from AUB majoring in political science. She has had career in corporation communications in the telecom sector and was part of the launch of first 3G network in the GCC and MENA region. Since her return to journalism she has been focused with passion on blockchain, tokenization, crypto focusing on the GCC and MENA region. Lara worked with Unlock Blockchain until 2022.

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