The launch of this service was confirmed during the fifth edition of “The Future Investment Initiative Institute” led by the Public Investment Fund (held on October 26th – 28th, 2021 in Riyadh).
Ripple powered solutions continue to be a key part of SABB’s plan aimed towards digital transformation and improving customer experience “aligning the initiative with the Vision 2030 and Financial Sector Development Program.”
The announcement also mentioned that SABB is privileged to be the first Saudi Bank to join Ripple’s network for blockchain or distributed ledger technology (DLT), and also takes pride in announcing that it’s the first bank in the MENA region to provide near real-time USD settlement for their corporate customers.
This expansion of the solution to cover the US corridor is the third one via Ripple, post the activation of this tech with the Indian Rupee & Lankan Rupee in 2019. With the nation’s focus on digitally-powered platforms, SABB will continue to “bring innovative solutions to its customers in a more globally and inclusive Saudi Arabia,” the announcement noted.
Majed Najm, Deputy Managing Director Corporate and Institutional Banking at SABB stated:
“SABB has always been on the forefront in adopting cutting edge technology solutions, providing the best banking services and tailoring solutions that save time and efforts for our customers. Such initiatives also help maintain our leading position in achieving the ambitions of the Bank’s customers and to support SABB’s vision to be the leading global bank in the Kingdom.”
Brooks Entwistle, MD of RippleNet in APAC and MENA remarked:
“Over the past few years, Ripple has built the first in-market solutions leveraging blockchain technology to revolutionize cross-border payments. We’re excited to bring this to market in partnership with SABB and to continue our longstanding partnership to the benefit of corporates and consumers alike in the region.”
As mentioned in the release, the Saudi British Bank (SABB) is a financial institution licensed and “subject to the supervision control of the Central Bank of Saudi Arabia.” SABB was “incorporated in 1978G as a Saudi joint stock company, and it is an affiliate of HSBC Group.”
SABB offers integrated financial and banking services, like retail banking, corporate and investment banking, private banking, and treasury services. SABB’s paid-up share capital “is SAR 20.5 billion.”