The Saudi British Bank (SABB) revealed this week that it will bring out an Instant Cross-Border Transfer Service powered by Ripple (XRP).
Ripple expands once again
This announcement was made at the Financial Sector Conference in Riyadh, according to a press release. The SABB intention is for its “strategic plan towards digital transformation and enriching customer experience”.
Earlier this year, this bank was one of the first groups to partner with Ripple and its blockchain network. It did so under the Saudi Arabian Monetary Authority (SAMA), and has since been able to transfer Rupees cross border.
Majed Najm, Deputy Managing Director Corporate and Institutional Banking at SABB, made a comment on this:
“This step is part of the 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 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.”
He went on, stating that the SABB “provides its customers with faster, safer and more transparent cross-border payment services by the launch of “Blockchain” technology through ‘Ripple'”. He believes that the Indian Rupee is only the start of more currencies to see acceptance under this technology. “This plan aims to provide customers with a valuable service and link more countries and currencies in the near future.”
Digital dominance is near
Of course, the SABB is a group that loves to push emerging technologies. It does so in both an international way and a local way. The space seems to understand that blockchain is the future of online trading. And that’s a future that no government worth should miss.