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The Middle East’s rapid digital transformation has positioned it as a burgeoning hub for web3 projects seeking global expansion. Kuwait, an oil-rich state, has convened various stakeholders to implement regulations aimed at attracting increased foreign investment.
KFH’s Commitment to Digital Transformation
In a recent conference held in Kuwait, which brought together participants interested in digital transformation, Tareq Al-Ajeel, the Executive Manager of Digital Transformation at Kuwait Finance House (KFH), highlighted the significant strides made by this Islamic banking powerhouse to ensure a sustainable and compliant adoption of digital payments.
Ripple Facilitating Cross-Border Payments
Tareq Al-Ajeel underscored KFH’s partnership with the blockchain payment company Ripple to facilitate seamless cross-border payments. He emphasized the importance of instant cross-border payments in enabling innovative financial solutions for customers. Notably, KFH has experienced a substantial surge in customer activity, with the third quarter witnessing over 152 million digital banking transactions through mobile and KFHonline platforms. With Ripple as a long-term partner, Tareq Al-Ajeel assured customers of near-instant payments, a significant departure from traditional banking systems.
Ripple Transforms Kuwait’s Financial Sector with XRP
Strategic Partnership and Growth
The partnership between Ripple and KFH was first announced in 2021, with KFH leveraging RippleNet’s payment technology since then. As Kuwait’s oldest and primary bank, this strategic collaboration with Ripple has substantially boosted the liquidity and trading volume of XRP, even amidst regulatory challenges in the United States. Ultimately, KFH’s outlook has improved significantly with Ripple as a banking partner, reporting a remarkable 40 percent year-over-year growth during the third quarter.
Ripple’s Impact in the Middle East
It’s noteworthy that Ripple has achieved significant milestones in the Middle East, including securing an operational license in Dubai through the Dubai Financial Services Authority (DFSA). Ripple’s endorsement and adoption of its payment products in the Middle East and North Africa (MENA) region have played a pivotal role in maintaining XRP’s prominent position among the multitude of digital assets.
XRP’s Market Performance
According to the latest data from the crypto market, XRP’s price has surged by approximately 23 percent in the past week, trading around 69 cents on Monday. For the first time since the July summary judgment, XRP’s price has breached the critical resistance/support level between 58 cents and 64 cents. Consequently, crypto experts anticipate that XRP’s bullish momentum is firmly established, and a breakthrough above $1 is imminent in the coming months.
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