Saudi British Bank (SAAB), the Riyadh-based arm of British Bank HSBC Group, announced that it will leverage Ripple’s blockchain technology for its institutional clients.
SAAB has started using blockchain payment technology powered by Ripple for its US-based corporate customers to make instant USD payments.
The bank had previously launched remittance corridors to India and Sri Lanka, using Ripple technology.
Brooks Entwisle, Managing Director of RippleNet in MENA, stated that the expansion of the partnership with SAAB will benefit companies and consumers in the region.
Majed Najm, SABB Corporate and Corporate Banking Executive Vice President, said the following about their partnership with Ripple:
“SABB has always been at the forefront of adopting cutting-edge technology solutions, providing the best banking services and tailoring solutions that save time and effort for our customers.
Our aim is to support our leading position in meeting the goals of bank customers and SABB’s vision to be the leading global bank in the UK.”
Ripple’s commercial activity in the Middle East region increased fivefold compared to last year. In this context, Ripple CEO Brad Garlinghouse stated that the Middle East region is the fastest growing region for Ripple company.
Ripple CEO Brad Garlinghouse says the Middle East is the company’s fastest growing region #XRP pic.twitter.com/tHInXiRuy5
— 𝗕𝗮𝗻𝗸XRP (@BankXRP) October 29, 2021