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  • Saudi British Bank is launching instant cross-border payment service based on Ripple.
  • Growth of the cryptocurrency scenario in Saudi Arabia is growing gradually.

Saudi British Bank is launching instant cross-border payment service based on Ripple. As per SABB’s official website report, it is a part of the bank’s “strategic plan towards digital transformation and enriching customer experience.”  ABB became one of the first banks in Saudi Arabia to have joined the Ripple’s network for blockchain technology in 2018. Subsequently, it made its first cross- border transfer with the Indian Rupee later that year.  

Deputy Managing Director Corporate and Institutional Banking at SABB, Majed Najm has specified that this utility was offered to pass down best banking services to their customers. Using blockchain in a cross-border transaction is way faster and safer.  
 
Najm further added:

“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.”