Share this article
National Bank of Kuwait Taps Ripple for New Remittance Service
National Bank of Kuwait has joined Ripple’s blockchain-based payments network seeking faster cross-border money transfers.
Updated Sep 13, 2021, 8:42 a.m. Published Dec 28, 2018, 9:20 a.m.
National Bank of Kuwait (NBK) 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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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 of 1 Kuwaiti dinars ($3.29) per transaction for Jordan transfers if funds are sent to its local branch. For customers using other banks, it will levy 5 KWD ($16.47) per transaction. The default limit for transactions is capped at 2,000 KWD ($6,586).
Marcus Treacher, SVP of customer success at Ripple, said his firm has started moving live payments across its blockchain network on behalf of NBK customers.
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, among others.
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 in 2017 alone to the Middle East and North Africa markets.
Kuwait image via Shutterstock
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Crypto prices again muted as gold surges to new record, U.S. stocks advance
Bitcoin for the moment was unable to hold the $90,000 level reached prior to the U.S. market open.
What to know:
- Crypto prices are slipping a little during the U.S. trading session as precious metals and stocks move higher.
- The AI trade remains strong, with bitcoin miners who have pivoted business models moving sharply higher.
- Both gold and silver hit new records Monday and one analyst said bitcoin can't rally until those metals cool.
Top Stories
