Saudi Arabia has been one of the largest remittance markets in the world according to data from the World Bank. In 2016, over 308 million of dollars were sent into the KSA, and 37 billion dollars were sent in remittances from the country.
This is a very important market that is related to citizens and foreign workers. Moreover, important large and medium companies are also sending and receiving payments. Small and medium enterprises (SMEs) are also responsible for a significant payment volume.
SMEs are very important for the future of the country, as the government of the Kingdom of Saudi Arabia has announced. And indeed, these SMEs are served by domestic financial institutions.
— Ripple (@Ripple) September 14, 2018
Ripple has decided to announce on September 13, that the National Commercial Bank (NCB) has joined RippleNet. This has been decided after a recent pilot with the Saudi Arabian Monetary Authority. The NCB was the first bank in the country and one of the largest financial institutions in the country.
The NCB will be connecting to other financial institutions around the world that are using RippleNet. The company will have the possibility to process payments in a fast, transparent and easy way. The bank will also be connected with other countries in North America and Asia.
Since 1953 the NCB has been the financial leader in the country and the region. At the moment, there are 400 different branches across the country. It is the second largest bank in the Middle East by total assets.
The official press release reads as follows:
“As more banks in the Kingdom of Saudi Arabia and the Middle East connect to RippleNet, their customers – real people and families across the world – will ultimately benefit. For SMEs and corporations that depend on NCB, more efficient and transparent remittances will provide stability and help them grow their business faster. “
The NCB will be working with RippleNet by the end of the last quarter in 2018. In this way, RippleNet continues to expand all over the world and with more institutions than never before.