Saudi British Bank (SABB) announces the successful launch of Instant Cross-Border Transfer Service for the United States (US) Corridor through the Blockchain payment technology powered by, Ripple. The launch of this service was announced during the fifth edition of “The Future Investment Initiative Institute” lead by the Public Investment Fund (PIF) held on October 26th - 28th, 2021 in Riyadh. Ripple powered solutions continue to be part of SABB’s strategic plan aimed towards digital transformation and enriching customer experience aligning the initiative with the Vision 2030 and Financial Sector Development Program.
SABB is privileged not only to be the 1st Saudi Bank to join Ripple’s network for Blockchain technology, but also takes pride in announcing to be the 1st bank in the region to offer near real-time USD settlement for their corporate clients. This expansion of the solution to cover the US corridor is the 3rd one through Ripple, post the successful activation of this technology with the Indian Rupee & Lankan Rupee in early 2019. With the country’s focus on digitally enabled solutions, SABB will continue to bring innovative solutions to its customers in a more globally and inclusive Saudi Arabia.
Majed Najm, Deputy Managing Director Corporate and Institutional Banking at SABB commented "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, Managing Director of RippleNet in APAC and MENA added, “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.”
About Saudi British Bank (SABB):
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 provides integrated financial and banking services, such as retail banking, corporate and investment banking, private banking, and treasury services. SABB's paid-up share capital is SAR 20.5 billion.
© Press Release 2021
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