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KFH executes first Blockchain transfer in Kuwait using Ripple platform

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7th of Aug 2018 Original. If anyone can translat please do. time_continue=3&v=_Bf9a91zrjgKFH succeeded in executing the first financial transfer in Kuwait through Block Qin through the RIBL platform to a beneficiary account at Al Rajhi Saudi Bank for trial and testing.

Al Rajhi Bank was the first in the Kingdom to carry out an operation using Block Qin as part of the Saudi Arabian Monetary Agency’s external payments program in cooperation with RIBL. This experience is an important step in the ongoing preparations to launch the service

After completion of the project stages and obtaining the approval of the Central Bank of Kuwait, which is keen and emphasizes the need to provide the highest security and technical standards associated with such services

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  1. One of my pilots, Majed Saeed Ahmad Al Amri helped with this translation.

    The first successful money transfer by Kuwait Finance House Bank has been completed using Ripple blockchain technology. The transfer was sent to Al Rajhi Bank in Saudi Arabia (Biggest bank in the Kingdom) to an individual account. This is an experiment for Kuwait Finance House Bank and Al Rijhi Bank, which is the first bank in Saudi Arabia to make this transition by using this technology for outside (cross border) payments in cooperation with Ripple company. This is a test process and after we will be ready to offer this as an official service by our bank, after the project steps are complete and final permissions received from the Kuwait bank. The Kuwait bank will do the best for security and support for this type of service.

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