Boubyan Bank, a Kuwait Islamic Bank has partnered with Ripple as a part of its expansion plans in the Middle East. The agreement is part of the banks’ efforts to keep up with the pace of developments and give it an edge in the new age of cryptocurrency transactions becoming the norm.
This new agreement with Ripple will use RippleNet to provide instant transfer services all over the globe for members of Boubyan Bank. The bank was established in 2004 with a capital exceeding $700 million. This will be the second bank in the Middle East region, the National Bank of Kuwait was the first financial establishment in Kuwait to launch cross border payments on RippleNet back in December 2018.
The banks hope to further strengthen their position in the market, with Ripple having reportedly already signed agreements with several banks in the Middle East, indicating many new announcements regarding their expansion in that region.
A Twitter user has also uncovered a presentation made by SendFriend an app based in the Philippines. The app allows Filipinos to send money natively within the country or abroad for a very low cost. Since it also utilizes Ripples platform, it charges as low as 2.5% per transaction, which is significantly lower than the 8% most methods currently charge.
— 𝗕𝗮𝗻𝗸 𝑿𝑹𝑷 (@BankXRP) July 17, 2019
The app has an extremely easy to use UI which allows anybody to get into it, and all payments are settled in real-time. The payments are settled on the blockchain which is secure and cheap. The money then becomes accessible on the mobile wallet, bank account or can be picked up in the form of cash.