National Bank of Kuwait Taps Ripple for New Remittance Service

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National Bank of Kuwait has joined Ripple's blockchain-based payments network seeking faster cross-border money transfers.

The bank announced Thursday that it has launched a new remittance service, dubbed NBK Direct Remit, that enables "Immediate" blockchain-based payments using Ripple technology.

The service is launching with a remittance corridor to Jordan only, but is expected expand to more countries in the near future, the bank said in a statement.

NBK has a presence in China, Geneva, London, Paris, New York and Singapore, and regionally in Lebanon, Jordan, Egypt, Bahrain, Saudi Arabia, Iraq, Turkey and UAE. NBK is charging a fee.

For customers using other banks, it will levy 5 KWD per transaction.

NBK joins the growing number of financial institutions worldwide to have partnered with Ripple for its blockchain-based payments services.

Most recently, these include Malaysian banking group CIMB, South Korea's crypto exchange Coinone.

U.S. banking giant PNC, remittance firm UAE Exchange.

The remittance market is growing across the globe, including the Middle East region.

According to the latest figures from the World Bank, migrants exchanged $53 billion.

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