Ripple-Powered Instant Cross-Border Transfer Service Launched By Saudi British Bank

Blockchain, News | April 30, 2019 By:

Saudi British Bank (SABB) has launched an instant cross-border transfer service powered by Ripple’s blockchain technology.

SABB is a Riyadh-based Saudi joint stock company in which British banking firm HSBC Holdings PLC owns a minority stake. It offers services in investment banking, commercial banking, private banking and Islamic banking. Last year, 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).

The Ripple-powered Instant Cross-Border Transfer Service, which was announced during the first edition of the Financial Sector Conference that was held on April 24 to 25 in Riyadh, is part of SABB’s strategic plan towards digital transformation and enriching customer experience.

“SABB provides its customers with faster, safer and more transparent cross-border payment services by the launch of blockchain technology through Ripple,” said Majed Najm, Deputy Managing Director Corporate and Institutional Banking at SABB. “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.”

Najm added that the new service 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,” Najm said.