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Tareq Al-Ajeel, Executive Director of Digital Transformation at Kuwait Financial Institutions (KFH), said its digital transformation efforts have increased significantly, mainly due to its strategic partnership with banks for digitalization. Speaking at the Breaking Barriers conference on Monday, Al-Ajeel highlighted how the alliance with Ripple will enable KFH to immediately launch cross-border payments, a key part of Kuwait’s digital reforms.
Ripple and KFH formed a partnership in 2021 amid US regulatory challenges. However, it has since boosted XRP’s liquidity and trading volume, solidifying its leading position among digital assets. The development project received a Ripple operating license from the Dubai Financial Services Authority (DFSA).
In addition to facilitating seamless transactions, the partnership drove KFH’s 40% year-over-year growth in the third quarter. The bank recorded more than 152 million digital transactions on its platform last year. This growth is driven in part by the COVID-19 pandemic accelerating the adoption of artificial intelligence (AI) and prioritizing investment in fintech solutions and infrastructure development.
Al-Ajeel also revealed that KFH is actively seeking cooperation with emerging technology companies to provide innovative financial solutions and improve customer service. This is part of a wider digital overhaul marked by the launch of Weyay, Kuwait’s first digital bank.
As a Shariah-compliant institution, KFH adheres to ethical standards in Islamic finance while demonstrating the agility to embrace technology. The bank’s strategy is in line with its commitment to provide innovative financial solutions to meet the evolving needs of its customers.
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