Amidst the current crypto-market turmoil, Ripple’s cross border payment solutions are gaining traction across the globe. The Kuwait Finance House (KFH), through a two and half minute commercial that is available on youtube, have confirmed the use of Ripple’s technology to complete the first blockchain powered transaction in Kuwait. The youtube video can be found below:
Redditors of the Ripple community were fascinated with the video to the point of asking if anyone could translate the video that is in Arabic. This was after one of the Redditors informed us that his father once worked for KFH for over 20 years. This then prompted the following question:
Hey man, do you live in Kuwait? If you do that would be awesome if you could translate that for us
The translation that was issued by a fellow Redditor- that included a disclaimer – is as follows:
This is the best translation I could get. I am a native Arabic speaker, but some sound effects throughout the video and the different dialect makes it hard to include everything the guy said in the video. This translation covers around 85% – 90% of what was mentioned:
“Your house (Kuwait Finance House) has successfully conducted the first blockchain financial transaction in Kuwait using the Ripple platform. Transaction was completed with an Al Rajhi (KSA bank) beneficiary as part of successful trial and testing (Maybe talking about successful UAT?)
It was also the 1st successful blockchain financial transaction in the kingdom (KSA) conducted through the testing environment of the Saudi Funding House platform in collaboration with Ripple.
The live version of the service will be deployed after the successful testing and upon final approval from the Central Bank of Kuwait, that confirms the need for high security and technical measures related to such services”
Kuwait Finance House joining RippleNet – May 29th, 2018
The KFH announced that it would be joining RippleNet so as to become part of the ever growing network of global banks embracing blockchain technology. KFH is Kuwait’s first Islamic Bank and intends to use Ripple’s software solutions to make cross border payments more efficient for its clients. Details as to whether they are using xCurrent or xRpaid are yet to be disclosed at the moment of writing this.