Established in 2004, Boubyan Bank is an emerging bank in Kuwait with paid-up capital exceeding 700 million US Dollars. Another Ripple partner, the National Bank of Kuwait (NBK), that became the first financial establishment in Kuwait in December 2018 by launching a cross border remittance product based on RippleNet is a major shareholder in Boubyan Bank.
The agreement signed July 17 with RippleNet, “the world’s leading remittance company” is to provide higher levels of technical services related to remittances to ensure greater speed and security and data integrity of the bank. “We always strive to deliver exceptional levels of service to our customers and ensure that they have access to high quality products and services that make their lives easier and more comfortable,” said Abdullah Al Tuwaijri, Executive Vice President.
The new agreement is currently awaiting the approval of the Central Bank of Kuwait. “We have signed the agreement with one of the world’s largest known cross-border remittance companies to give customers greater access to fast and easy remittance services,” added Al-Tuwaijri.
The idea is to provide round the clock access to money transferring services to the bank’s customers through various means of technology. Additionally, it will provide the service of instant transfers to limited countries, adding more along the line. The focus would be on countries that are involved in a high number of transfers from the bank’s customers, he said.
Awarded best in Kuwait in the field of digital banking from Global Finance and the best Islamic bank in the world in the field of digital banking services from Global Finance for four consecutive years, Al Tuwaijri says this agreement with Ripple will further strengthen the bank’s position in the market.
As for Ripple, the San Francisco-based company, that has already signed agreements with several banks in the Middle East, this is part of its expansion plan in the region. “We are delighted to partner with Boubyan Bank, which will be an important partner in Kuwait as part of the expansion plans we seek in Kuwait and the region,” said Navin Gupta, MD, South Asia & MENA, Ripple.