Ripple presents among the rich bulletins every now and then – this time, Saudi’s leading bank is the latest to leverage Ripple-backed payment service.
The report was officially confirmed by Saudi British Bank (SABB) via its newsroom and state that they’ve announced this update during two days ‘Financial Sector Conference’ on April 24 and 25th in Riyadh. Per the reports, SABB has finally launched Ripple’s cross-border transfer service as a part of a ‘strategic plan towards digital transformation and enriching customer experience’.
It is already known that the bank or fintech with Ripple backed blockchain service will be able to enhance their user experience – concerning the similar note, Majed Najm, the Deputy Manager of Corporate and Institutional banking says that the SABB with with Ripple’s technology will enable the faster and cheaper international transactions, encourage transparency and will boost user experience.
Nevertheless, the bank had first joined Ripple network back in 2018 but the latest announcement reveals that they have already made transaction on top of Ripple’s cross-border technology. The report reveals that in last year, Saudi Arabian Monetary Authority, famously known as ‘SAMA’, helped them join Ripple Network and then they processed their first ever payment on Ripple’s technology in December 2018 with Indian official currency ‘Indian Rupee/INR’.
While Indian Govt appears with negative remarks on cryptocurrencies these days, Majed Najm appears to have the opposite view. The report highlights, ‘Indian Rupee (INR) is the first currency being inactive for SABB. Additionally, SABB will soon to add other currencies and reach across other countries. Mr.Najm, further states that;
The Indian Rupee (INR) is a positive start to an upcoming roadmap being the first currency to be activated in SABB.
Mr. Najam goes on stating that Ripple’s technology will also help SABB to maintain its ‘leading position in achieving the ambitions of the Bank’s customers whether in the retail or corporate sector, and to support SABB’s vision to be the leading global bank in the Kingdom.”