Kuwaiti financial firm partners with global payments service

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • New partnership will provide faster and more customer-friendly money transfer services in the region
  • It’s all part of Kuwait Finance House’s (KFH) digital transformation plan, which is now well underway
  • “Our partnership with KFH, one of the pioneers in the world of Islamic banking is a step in the right direction within the ambit of remittances”, said a spokesperson

A financial services organisation in Kuwait has paired up with a global online money transfer provider to launch a new service.

Kuwait Finance House is working alongside Xpress Money to provide the service.

Xpress Money is in turn owned by Finablr, which is a global forex transfer service with a number of global brands under its umbrella.

Xpress Money offers a business to business cash solution known as FLEX, which intends to provide customers with top-end, instant cash transfer services across borders.

The Kuwait Finance House will now use the FLEX service to power its new service, which it has termed KFH Xpress in honour of the new partnership between the organisations.

According to KFH, the partnership is just the latest aspect of its wide-ranging digital transformation project.

The new service will mean customers can cash out in a range of different ways, including via a bank transfer or even a delivery to the door.

In a statement, Fadi Chalouhi – who serves as group general manager for retail banking at KFH – said that it would be possible to access the new service both over the web and by using a mobile phone application.

“KFH Xpress for money transfer, is convenient, affordable, accessible and secure. It is offered by KFH to its customers in collaboration with Xpress Money, one of the most dependable international money transfer organizations. Customers can transfer money anywhere, anytime by using KFHonline on the website or via mobile application.”

For Xpress Money, the organisation’s CEO Sudhesh Giriyan argued that the level of remittances going out of Kuwait was on the rise by almost a quarter.

He also described the connection as a positive one for Islamic banking – an area which is seeing growing demand thanks to economic growth in areas which are predominantly Muslim.

“Remittances from Kuwait increased by 23% in the first half of 2019 as compared to the previous year reinforcing the demand for seamless money transfer services in the country”, he said in a statement.

“Our partnership with KFH, one of the pioneers in the world of Islamic banking is a step in the right direction within the ambit of remittances. With customer centricity being at the core of both the organizations involved, I am certain that customers will enjoy the convenience of the services that this partnership offers.

“This collaboration holds immense growth potential for all stakeholders involved and we look forward to a fruitful alliance,” he added.

Find out more about the exciting world of cross-border payments and developments like these by heading over to our magazine page and bookmarking it for future reference.

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