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Ripple Regionals – CTO of Al Ahli Bank of Kuwait Explains Use-Cases of RippleNet

Tabassum Naiz

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South Africa Money Transfer Operator Xago Employs RippleNet and XRP Ledger

On 6th May 2019, The Ripple Drop, a web video series from inside Ripple, covered the latest reviews from Ripple’s customers regarding its technology, products, and applications on its 12th episode.

As per the announcement from the Ripple Regionals that was held in Dubai, where hundreds of Ripple customers had come together to learn and share what they have done from RippleNet. One of them is the CTO of Al Ahli Bank of Kuwait, Salem Al Sarraf, who shared his experience on this platform and also showed a live demonstration. He remarked,

“When we embedded the payments through our channels, which is mobile banking or internet banking and our branches, the only thing that the customer will notice is, it is fast.”

He further explained the use-cases of RippleNet with an instance of three branches across UAE, Egypt, and Kuwait. In his words;

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“We have a subsidiary in Kuwait and we have a subsidiary in UAE which is owned by our ABK. So we have three branches in the UAE. And we have a subsidiary in Egypt with 34 branches. So we thought of putting between our entities. So ABK Kuwait to ABK UAE to ABK Egypt. So the base has been built between the ABK corridors” by centering RippleNet via ABK’s mobile application in the whole process.

Besides Salem Al Sarraf, Global Head of Infrastructure Innovation, Dilip Rao shared his views by saying

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“Well you know central banks are both regulators of their financial ecosystem but also they operate the payment systems in their own countries. So when new technologies like this come along they can be the individuals of the use of that technology or really catalyst for innovation.”

When asked that how else Ripple was engaging itself with Central Banks, he replied,

“In my role at Ripple, I’m more interested in getting Central Banks to get their feet wet with DLT and Crypto assets and that makes a big difference in the adoption of these technologies.”

Ripple’s RippleNet so far helped robust network of 200+ banks and payment providers worldwide to process payment services within a few seconds and at a very low cost.

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