The National Bank of Kuwait has launched a product they’re calling “NBK Direct Remit,” a blockchain-based product that uses RippleNet for cross-border payments from within the middle eastern nation.
The initial launch of the product only supports payments to near Jordan, however they will launch in a minimum of 15 more countries shortly. According to the bank’s website, this product will facilitate preserve NBK’s dominance as the country’s primary method of moving money:
Focused on digital transformation, NBK has antecedently launched successful and innovative products that serve completely different segments, as well as the NBK tap & Pay, QuickPay, NBK SelfiePay, cardless cash withdrawal, Biometric Cards, in addition to the continuous enhancements to the NBK Mobile Banking App and different services that create our customer’s banking experience a pleasant one.
Mainstream integration of blockchain technology may be returning at a vital time for Kuwait, who last year had their worst per-capita incomes in years, way down from their highs of the mid-90s through the early 2000s. According to TradingEconomics, a site that tracks such information, 2017 marked the lowest income for Kuwaitis in several years:
MENA in a Post-Oil World: Blockchain To The Rescue?
However enabling cross-border payments and integrating modern technologies is likely a decent tactic to stimulate income-generating activities.
Ripple's Senior vice president of customer Success, Marcus Treacher, said of the integration:
The National Bank of Kuwait (NBK) is a very important partner in the region, and we’re excited that they have begun moving live payments across our blockchain network on behalf of their customers. We'll still work with NBK to attach them to more RippleNet partners thus their customers can create faster, cheaper payments to anyplace in the world.
Kuwait isn't the sole MENA country integrating blockchain in vital ways. Dubai has been leading the way, recently hosting a conference for numerous blockchain-oriented projects and expressing its need to be a leading destination for ICOs to do business. Saudi Arabia and the UAE also are reportedly performing on a cross-border payment solution.
A post-oil world is round the corner, and countries that have antecedently relied on oil as their primary source of income are looking far and wide for industries which will keep their heads on top of water once the world’s demand for oil finally declines together with its supply. Economists have argued for years regarding once such events will occur, however one true factor is that moving from finite resources to self-sustaining industries like blockchain technology is likely a secure bet.
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The National Bank of Kuwait has launched a product “NBK Direct Remit"
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