SABB is the first Saudi bank to join one of the famous blockchain initiatives
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Answer SABB is the first Saudi bank to join one of the famous blockchain initiatives
SABB became the first bank in the Kingdom of Saudi Arabia to join the Global Blockchain Consortium and is led by software company R3.
“SABB” and what was previously known as (The Saudi British Bank) is a Saudi joint stock company affiliated to (HSBC Group). The move to join the R3 World Federation comes as one of the bank’s great efforts to provide digital solutions with revolutionary effects to its customers.
SABB is considered one of the leading commercial banks in the Kingdom of Saudi Arabia, where it was named by “Global Finance” magazine the Best Trade Finance Bank in the Kingdom of Saudi Arabia for the tenth year in a row, and the Best Supply Chain Finance Bank in the Middle East for the year 2018.Read:Ethereum (ETH) total market capitalization outperforms MasterCard and Bank of America
Praising this major step, David Dew, Managing Director of the Bank, said: “We are very pleased to join the R3 Alliance project, which will position the Bank to be at the forefront of financial innovation, which will give our customers many far-reaching advantages in terms of speed of transactions and security. Through blockchain-based solutions for distributed ledgers.”
R3 Global Alliance
The global R3 Alliance includes more than 200 banks, financial services and technology companies, central banks, regulators, and trade associations. It provides access to Corda, a platform that uses enterprise-grade distributed ledger technology for finance and trade.Read:Meet the new NFT series that beat BAYC’s boring monkey series
As one of the leading international banks in Saudi Arabia, SABB’s experience will be invaluable to R3 and by using Corda, SABB will be able to actively participate and work on developing blockchain-based solutions to meet the growing needs of its customers.” As David E. Rotter, CEO of R3 said,
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