Ripple has announced a total of seven different partnerships all around the world in the last few months. From Brazil to Kuwait, it is spreading everywhere.
On June 1, Blokt reported Ripple’s newest partnership with Currencies Direct, which is a U.K.-based international payment provider and foreign exchange broker. Now, the newest financial player to join the RippleNet is Kuwait Finance House (KFH).
KFH Is the First Bank in the Region to Join Ripplenet
KFH is reportedly the first bank in Kuwait to partner with Ripple. The bank plans on using RippleNet’s capabilities of processing cross-border transfers. This is, allegedly, another push in a series of efforts to keep the bank up to date with the newest technological developments.
KFH aims to provide instant transfers to its customers while keeping payments safe. Customers will be able to keep a watch on their transfers from beginning to end; thus, ensuring customers’ peace of mind.
The bank has made an effort to keep innovation and digital technology at the core of its activities to offer the best possible service to its clients. Moving forward, KFH believes partnering with RippleNet will maximize customer satisfaction as the whole transfer operation will be transparent, more secure and efficient.
InstaReM and Beetech to Work Together Under Ripplenet
With a member roster of over 100 institutions, Ripple has observed an increased interest in its services. In February 2018, Ripple announced five new partnerships around the world — the banks Itaú Unibanco and IndusInd, as well as three remittance providers InstaReM, Zip Remit and Beetech.
At the time, InstaReM co-founder and CEO Prajit Nanu said:
“We are pleased with this new partnership with Ripple which will see RippleNet members utilizing InstaReM’s unique payments mesh we have developed in Southeast Asia to further streamline payment processes.”
Patrick Griffin, business development head at Ripple, added:
“We’re excited to work with InstaReM to solve the global payments problem, and the impact it has on emerging markets. Whether it’s a teacher in Singapore sending money to his family in Thailand, or a small business owner in India trying to move money to open up a second store in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for customers, not against them.”
InstaReM and Beetech have recently made the news as it was announced it would open new payment corridors between Latin America and South East Asia using the RippleNet. For starters, Beetech is a Brazil-based company while InstaReM is Singapore-based, which explains the tactic.
This deal between the companies will allow citizens of both sides of the world to transfer money instantly between one another. InstaReM users will be able to send real-time payments while Beetech customers will be using instant payout services through Ripple’s xVia into as many as 60 markets — all those supported by InstaReM.
“The connectivity that Ripple’s innovative blockchain network provides will allow us to offer our customers – including corporates and small businesses – quick, hassle-free payments into BeeTech’s markets.”
As time moves forward and Ripple starts figuring out how to best use its partners, it is believed that users will be seeing more of these announcements. As Ripple brings some of the leading financial institutions in the world together, it’s only a matter of time until these entities start understanding how to best benefit from one another.