KFH seen pioneer in leveraging blockchain for remittance using Ripple

KFH seen pioneer in leveraging blockchain for remittance using Ripple
Side of training program
KFH
KFH
-0.46% 650.00 -3.00
ABK
ABK
2.32% 309.00 7.00

Mubasher: Kuwait Finance House (KFH) has been playing a leading role in leveraging blockchain by this technology in instant cross-border remittance service using Ripple’s blockchain technology, according to a recent press release.

This emphasises the bank’s flagship position in adopting innovative financial solutions in line with offering the most advanced services as per the highest standards of efficiency, the press release added.

KFH has recently participated in an advanced training program on Blockchain technology as part of its continuing efforts to develop talent in the entity.

“This also contributes in maintaining the leadership position of the Bank in keeping abreast of the latest Fintech services, while applying Artificial Intelligence (AI) in the Bank’s operations in accordance with the highest standards of quality and professionalism,” the press release said.

The 2-day training program was organised by United Arab Training Center amidst huge participation from KFH employees, in addition to several trainees from different financial institutions.

“The Blockchain training program included many topics: distinctions between blockchain and traditional ledgers, centralised versus decentralised database structures, fundamentals of how blockchain is constructed, early use cases (supply chain, digital identity, digital payment, etc.), data onboarding challenges and opportunities, models to anticipate where technology deployment is likely to happen, strategies to leverage blockchain from a marketing perspective and the blockchain protocol,” the statement said.

On 14 February, Al Ahli Bank of Kuwait (ABK) announced its partnership agreement with financial technology company Ripple for instant cross-border payments that will be available for ABK’s customers inside and outside Kuwait.