The National Bank of Kuwait has launched a product “NBK Direct Remit"



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.


from Cryptocurrency News | Bitcoin News | Altcoins news
The National Bank of Kuwait has launched a product “NBK Direct Remit"

Komentar

Posting Komentar

Postingan populer dari blog ini

Amid Nth Room Sexual Exploitation Case Rumors,Huobi Korea Delists XMR

Gambar
Huobi Korea announced on April 8 that they might be ending support for Monero (XMR) trading starting on April 9, 2020. They stated that this was thanks to "low trading volumes and anonymity functions". They didn't , however, reference the recent Nth room case, during which South Korean media has speculated the exploitation ring used XMR to finish anonymous transactions. According to the South Korean newspaper, Sisa Journal, headlines covering the sexual exploitation case remained rampant within the country, with many news outlets suggesting that Monero has been used for criminal acts, specifically within the Nth case. The quoted case is an ongoing criminal investigation that allegedly involved sexual exploitation and therefore the distribution of videos containing rapes among Telegram chat rooms. Bithumb still lists XMR in South Korea despite the reports Sisa Journal is additionally reporting that another cryptocurrency exchange, Bithumb, has been struggling for...
Baca selengkapnya

What Is Digital Currency And How It Works?

Gambar
Digital currency, on the flip side, is utilized to specifically refer to the digital currency that's created and stored electronically. Since it is nothing more than intangible data it is more prone to fraud than physical currency in that it is possible to duplicate a unit of currency thereby causing inflation or altering the value of a transaction after it has been made for personal gain. It is an online form of currency that can easily be used over the web as a replacement for the traditionally used physical form of currency such as banknotes and coins. The exchange rate for digital currencies all around the world remains universal also. If you aren't a huge fan of digital currencies, and could be skeptical towards it, the very first question that would probably get into your head is why are you going to use it should you do have a stable currency already you may hold and are sure has actual price. Due to our electronic planet, you can purchase a home from your cellphone, se...
Baca selengkapnya

Tries to Steal Crypto Through Fake Google Chrome Wallet Extensions by Mystery Hacker

Gambar
Harry Denley, director of security at wallet provider MyCrypto, who identified the fake wallet extensions, said in a report Tuesday that Google has so far removed 49 extensions that purported to be well-known crypto wallets from its Chrome Web Store. The fake extensions are basic phishing plays. Posing as legitimate wallets, they leak personal information inputted by users, such as private keys and passwords, to the hacker, who can then drain balances in a matter of seconds. The fakes detected have so far claimed to be wallets such as Ledger, Trezor, Jaxx, Electrum, MyEtherWallet, MetaMask, Exodus, and KeepKey. Test amounts of crypto sent by Denley have not been picked up, suggesting that either the hacker has to manually empty wallets or that they are only interested in comparatively large balances. On the Chrome Web Store, most of these apps had consistently good reviews written typically in simplistic or broken English. On the basis that the admin email appears to be a Rus...
Baca selengkapnya