Kuwait Finance House (KFH) has seen a significant boost in its digital transformation efforts, largely due to a strategic partnership with Ripple, according to Tareq Al-Ajeel, the bank's digital transformation executive. Speaking at the Breaking Barriers conference on Monday, Al-Ajeel highlighted how the alliance with Ripple has enabled KFH to launch instant cross-border payments, a key part of Kuwait's digital overhaul.
The collaboration between Ripple and KFH was formed in 2021 amidst U.S. regulatory challenges. However, it has since bolstered XRP's liquidity and trading volume, reinforcing its top-tier position among digital assets. This development comes alongside Ripple's operational license from the Dubai Financial Services Authority (DFSA).
In addition to facilitating seamless transactions, the partnership has propelled KFH's growth by 40% year-on-year in Q3. The bank recorded over 152 million transactions on its digital platforms last year. This growth has been partly attributed to the COVID-19 pandemic, which accelerated the adoption of Artificial Intelligence (AI) and prioritized investment in FinTech solutions and infrastructure development.
Al-Ajeel also disclosed that KFH is actively seeking collaborations with emerging tech firms to provide innovative financial solutions and improved customer service. This is part of a broader digital overhaul marked by the launch of Weyay, Kuwait's first digital bank.
As a Shariah-compliant institution, KFH adheres to the ethical standards of Islamic finance while demonstrating agility in embracing technology. The bank’s strategy aligns with its commitment to providing innovative financial solutions that meet the evolving needs of its customers.
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