Best Trade Finance Bank in Saudi Arabia “SABB” Joins R3 Blockchain Consortium

Saudi Bank Partners with Blockchain Firm, R3 to Offer “Transaction-Speed” Services

Business news outlet, Trade Arabia revealed a new partnership on Tuesday, September 11: Saudi British Bank (SABB), and blockchain based R3. It is supposedly the first endeavor of its kind in the Kingdom of Saudi Arabia (KSA) and SABB seems to be thrilled by their competitive advantage.

According to the report, SABB has always dedicated itself to keeping up with innovative technology and as per the Managing Director at SABB, David Dew, this partnership would mean more benefits for its clients. In particular, Dew noted that their priority revolves around

“giving our clients all the far-reaching advantages of transaction-speed and security that flow from the DLT-based solutions.”

Commenting on the partnership is the CEO of R3, David E Rutter, who has since expressed enjoyment, especially considering the name Saudi British Bank has earned for itself and the exposure K3 will be getting. Based on Rutter, SABB will be implementing R3’s Corda platform, which is known for its innovative finance and commerce features. Furthermore, Corda rids a business’ costs incurred by “enabling businesses to transact directly.”

Rutter strongly trusts that, “SABB will be able to actively participate and work towards development of solutions based on blockchain to meet the growing needs of its customers.”

Despite Saudi Arabian Monetary Authority’s (SAMA) warning against crypto trading, the country has a plan dubbed, “Saudi Vision 2030”, that will be supporting new blockchain projects starting with Riyadh Municipality’s collaboration with American tech firm, IBM, as per Coin Telegraph.