Saudi Arabia’s SABB Bank Joins R3’s Blockchain Consortium
The Saudi British Bank (SABB) is now the first bank in Saudi Arabia to join R3's global banking consortium on its blockchain ecosystem.
The Saudi British Bank (SABB) is now the first bank in Saudi Arabia to join R3’s global banking consortium on its blockchain ecosystem.
This latest development means that SABB is the first bank in the country to join the blockchain consortium. This is according to reports by local news outlet Trade Arabia on Tuesday, September 11, 2018.
SABB committed to innovative technology
The report quoted the Managing Director at SABB, David Dew as saying that the bank is always committed to supporting innovative technology. He added that joining the consortium would mean more for their clients.
According to him, the advantages of transaction-speed and security that flow from the DLT-based solutions is something that the bank is looking to explore.
SABB is a very strong bank in the region, having won the Best Trade Finance Bank issued by Global Finance magazine over the past ten years.
It has also won other awards such as Best Supply Chain Finance Bank in the Middle East for 2018, as well as Saudi’s 2018 Best Trade Finance Bank.
R3 consortium meanwhile has been enlisting partners from various industries as it continues to develop its Corda open source platform.
While commenting on this latest development, CEO of R3, David E Rutter, expressed his excitement with the status of the SABB deal and its possible impact on R3.
He added that the bank will be implementing R3’s Corda platform, which has become popular due to its innovative finance and commerce features. Corda also eliminates transaction costs incurred by enabling businesses to trade directly.
Cryptocurrencies make headway in Saudi Arabia despite government warnings
Saudi Arabian Monetary Authority’s (SAMA) had earlier warned its citizens against cryptocurrency trading. The regulators even moved ahead to officially make cryptocurrency trading activities illegal in the country.
SAMA warned its citizens to ignore the cryptocurrency illusion, calling it a get-rich scheme and citing the high regulatory, security and market risks involved. Despite the warnings, cryptocurrencies continue to make headway in the country as the cryptocurrency rise globally continues.
The country has however embraced blockchain technology. The technology remains part of the country’s long-term project and vision. It is included in the country’s long-term economic development program “Saudi Vision 2030”, showcasing how important it is to them.
R3 and Ripple settle out of court
In an unrelated development, as reported earlier, R3 Consortium and Ripple Labs have recently settled their lawsuits out of court.
The litigation between the two companies started a year ago when R3 filed a lawsuit against Ripple Labs claiming that it has gone against a prior purchase agreement between for XRP tokens.
The issue has dragged on for a while now but the two companies have come to an agreement.