- Saudi Arabian central bank will not be using the Ripple technology directly.
- Two local banks will go live with Ripple this quarter (Q1 2019) very soon.
Mohsen Al Zahrani, Head of Innovation for Saudi Arabia Monetary Authority (SAMA), confirmed that while the country’s central bank will not be using the technology, two local banks will adopt xCurrent and roll out their services by March 2019. He said:
“We (central bank) don’t implement Ripple technology but we still work with Ripple to educate and encourage commercial banks to use their technology…2 banks will go live with Ripple this quarter (Q1 2019) very soon.”
Dilip Rao, the global head of infrastructure innovation at Ripple said:
“Central banks around the world are leaning into blockchain technology in recognition of how it can transform cross-border payments, resulting in lower barriers to trade and commerce for both corporates and consumers. SAMA is leading the charge as the first central bank to provide resources to domestic banks that want to enable instant payments using Ripple’s innovative blockchain solution.”
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