Saudi British Bank (SABB) announced the launch of the instant cross-border transfer service through the blockchain payment technology powered by, Ripple, at the recent Financial Sector Conference, held in Saudi Arabia.
The two-day event concluded on April 25, at the King Abdulaziz International Conference Center Riyadh.
The launch of this service was announced during the first edition of the conference as part of the Financial Sector Development Program. This service is part of the bank’s strategic plan towards digital transformation and enriching customer experience, said a statement.
In January 2018, SABB was among the first Saudi Banks to join Ripple’s network for blockchain technology under the patronage of the Saudi Arabian Monetary Authority (Sama), it said.
This led to the successful activation of this technology with the Indian Rupee currency of cross-border transfers through the implementation of the first successful Ripple-based transfer pilot transaction in December 2018, it added.
Majed Najm, deputy managing director corporate and institutional banking at SABB, said: “This step is part of our bank’s ongoing efforts to provide the best banking services to customers, make use of the latest technology and global banking products available, and create methods and means to save time and effort for our customers.”
“This is also to maintain our leading position in achieving the ambitions of our bank's customers whether in the retail or corporate sector, and to support our vision to be the leading global bank in the kingdom,” he said.
Najm continued: “Our bank 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 our bank.”
“This plan aims to provide customers with a valuable service and link more countries and currencies in the near future,” he added. – TradeArabia News Service
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