RippleNet Holds “Great Revenue Potential”, “Undoubtedly” Help Customer Service: Deputy Group CEO Of National Bank Of Kuwait

  • National Bank of Kuwait’s (NBK) Shaikha Al-Bahar talks about the need to embrace fintech at Arab-British Economic Summit

Shaikha Al-Bahar, Deputy Group Chief Executive Officer of National Bank of Kuwait (NBK) recently delivered a speech at the Arab-British Economic Summit in London emphasizing on the importance of embracing FinTech as an opportunity to thrive and not just survive.

The summit was attended by Arab and British business, economic, and government figures.

Banks, she said must commit investment into building infrastructure as future success depends upon the technology.

“We do not view technology as a threat to traditional banking services, but as a fluid enabler of solutions to better service our customers,” Al-Bahar said.

She further added that Blockchain and fintech come with exciting opportunity so there's a need to being proactive instead of defending the outdated mechanism.

NBK Has Partnered With Swift GPI And Ripple To Ensure Real-Time Cross-Border Money Transfers

NBK, Al-Bahar said recently implemented a new banking platform for Iraq, Egypt, Jordan, and UAE. They have also partnered with Swift GPI and Ripple networks to ensure real-time cross-border transfers to bolster their global transaction offering that demonstrates how leveraging new technologies can build remarkable customer experience.

Back in December 2018, NBK tapped Ripple blockchain-based payments network for faster international money transfers.

“NBK’s adoption of RippleNet supports our e-remittance business, which holds great revenue potential and will undoubtedly improve service to customers,” Al-Bahar said.

Kuwait’s demographics are also favorable as 63% of its population is under the age of 30 and enjoys one of the highest mobile and internet penetration rates in the world. In economies like Kuwait’s, advance mobile and online baking is an integral part of the online financial system.

Al-Bahar also shared that regional markets are building a sandbox regulatory environment for new ideas to be tested just like the central bank has issued a regulatory sandbox framework for FinTechs.

Young customers, she said will become early adopters of nascent technologies so it’s in the best interest of banks to foster such relationships with key stakeholders.

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