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SABB Becomes First Bank From Saudi to Join R3 Blockchain Ecosystem

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The Saudi British Bank (SABB) has become the first bank from Saudi to join the R3’s blockchain ecosystem.

Trade Arabia reported on this milestone just recently.

SABB benefits from a strong reputation, having been named by Global Finance magazine as the “Best Trade Finance Bank” in Saudi Arabia for the 10th consecutive year, “Best Supply Chain Finance Bank” in the Middle East for 2018, as well as Saudi’s “2018 Best Trade Finance Bank” for two straight years.

The bank joins R3’s endeavors to recruit a wide range of partners and members from various industries in both the private and public sectors to develop its Corda open-source blockchain platform, alongside its commercial iteration, called “Corda Enterprise.”

R3 CEO David E. Rutter remarked that SABB’s input to the consortium would be “invaluable” for R3’s bid to develop blockchain solutions for the financial world.

David Dew, the managing director of SABB, said that the bank hopes to offer consumers “ the benefits of transaction-speed and security” that flow from distributed ledger-based solutions.

The Saudi Arabian Monetary Authority (SAMA) warned citizens against trading cryptocurrencies last month, cautioning against “drifting after such illusion[s] and get-rich scheme due to the high regulatory, security and market risks involved.”

Nonetheless, the country’s long-term economic development program, “Saudi Vision 2030,” has featured blockchain projects that include the Riyadh Municipality’s recent decision to collaborate with IBM on making use of blockchain for government services and transactions.

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