A Strategic Move by the Bank
In a press release revealing the launch, the bank made it known that the new ripple powered platform which it launched at the Financial Sector Conference in Riyadh on April 24 and 25, is a major part of its “strategic plan towards digital transformation and enriching customer experience.”
Back in January 2018, SABB became one of the first banks in Saudi Arabia to join Ripple’s network. In December of the same year, the technology was successfully activated through a pilot transaction using Indian rupees.
SABB’s deputy managing director of corporate and institutional banking, Majed Najm made it known that the ripple powered platform will aid the bank in its effort to deliver quicker and more transparent cross-border payment services.
Najm added: “This step 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.”
Currently, the Indian rupee is the only currency available through the platform, however, the bank has plans in place to add both more countries and currencies in the future.
SABB Has a Strong Reputation
Currently, SABB is one of the five largest Saudi banks by deposits. With more than eighty branches across Saudi Arabia and one branch in London, England the bank is a force to reckon with.
In September 2018, SABB reportedly became the first Saudi bank to have a membership in blockchain ecosystem operated by R3, an enterprise software firm and global banking consortium.
The bank is also known for many of its awards and strong reputation in Asia especially. Last year, for the 10th consecutive year, the banks have been named by Global Finance magazine as the “Best Trade Finance Bank”.
