Saudi British Bank SABB launches new Ripple based Cross Border Instant Payments

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Saudi British Bank launches new Ripple based Cross Border Instant Payments

According to Majed Najm, the Deputy Managing Director for Corporate and Institutional Banking at SABB

SABB provides its customers with faster, safer and more transparent cross-border payment services by the launch of “Blockchain” technology through “Ripple”. The Indian Rupee (INR) is a positive start to an upcoming roadmap being the first currency to be activated in SABB. This plan aims to provide customers with a valuable service and link more countries and currencies in the near future.

In 2018, the Saudi British Bank was one of the first to join the Ripple network in Saudi Arabia. The first pilot Ripple based transaction happened in December 2018, using the Indian Rupee currency

“This is also to maintain our leading position in achieving the ambitions of the Bank’s customers whether in the retail or corporate sector and to support SABB’s vision to be the leading global bank in the Kingdom,” said Najm.

Earlier in 2019, it was reported that Saudi Arabia and UAE were to launch a new joint cryptocurrency which would be limited to banks in it’s early stages. One of the aims of a joint cryptocurrency between Saudi Arabia and the UAE would be for the two countries the evaluate the monetary policies of a centralised currency.