Ripple Join Forces with National Bank of Kuwait
Ripple has joined forces with a major bank, as the National Bank of Kuwait is the largest bank at Middle East. The bank has announced that the NBK Direct Remit will allow customers to make instant funds transfers.
The service is 24-hours and is available to users in Kuwait but more countries will be added soon. Remarkably, the service was built using Ripple Net.
For now, the amount of money that can be sent using NBK Direct is limited to 2,000 KWD and there is a transaction fee of 1 KWD.
NBK and Ripple
The news of a partnership between NBK and Ripple first broke in May 2018. In October, it was announced that NBK would be adopting the Ripple platform for currency transfers.
National Bank of Kuwait is one of the biggest banks in the Middle East, with over $86.3 Billion in assets.
Ripple’s platform is also being adopted by The Saudi Arabian Monetary Authority (SAMA) to improve transfers between Saudi banks.
Adoption by institutions of this size only helps boost Ripple’s influence in the Middle East.