NBK Launches Ripple Based Cross-border Payments Product

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The National Bank of Kuwait (NBK) recently announced that it has launched a cross-border remittance product based on RippleNet’s blockchain technology. The bank was established in 1952 and is the largest financial institution in terms of assets in Kuwait. According to the bank’s 2017 annual report, the NBK has over $86.3 billion in total assets.

The bank has become the first financial establishment in Kuwait to implement a remittance product “NBK Direct Remit.” The goal includes international live payments based on RippleNet’s blockchain technology. The product will purportedly fasten cross-border money transfers.

Dimitrios Kokosioulis, the deputy CEO of group operations and technology spoke about the new product. The CEO said that the blockchain-based solution would allow the bank’s customers to “make money transfers within seconds any time of the day. Kokosioulis added that the service will also be available in Jordan, and will subsequently expand to other countries.

Recently the Bahrain Institute of Banking and Finance (BIBF) announced that it is launching the nation’s first ‘Blockchain Academy.’

The BIBF was founded in the Kingdom of Bahrain in 1981 by the support of the Specific Council for Vocational Training. The institute is an unregistered non-profit semi-government body that gives training in the financial sectors.

The establishment of the Blockchain Academy purportedly signifies the nation’s first blockchain professional qualification program offering. The training program is intended to prepare participants to earn the international qualification of Certified Blockchain Professional CBP and was created by the BIBF and Dubai-based training firm MyLearning Key.

Nishanth Shetty

Nishanth Shetty is a technical writer, author and a crypto-advisor working at Cryptofame. Based in the city of dreams, Mumbai, on the west coast of India. He holds a bachelors degrees from Mangalore University. Nishanth has a myriad experience of technical writings for tech brands. His interests include technology, travel, and food.