Saudi Awwal Bank has announced that it has integrated Chainlink services to assist in the development of on-chain applications in the Kingdom of Saudi Arabia.
Through this move, Saudi Awwal Bank plans to work with Chainlink under an agreement focused on accelerating the use of blockchain-based financial infrastructure in the region. The collaboration allows the bank to utilise two core Chainlink technologies, including the Cross-Chain Interoperability Protocol (CCIP) and the Chainlink Runtime Environment (CRE). Both of these products are developed to deliver secure interoperability, reliable data exchange, and programmable workflows across blockchains and external systems.
Saudi Awwal Bank and Chainlink’s partnership
With this partnership with Chainlink, Saudi Awwal Bank seeks to support the advancement of Saudi Arabia’s on-chain finance. By leveraging CCIP and CRE, the financial institution allows developers to build applications that connect different blockchains while maintaining security guarantees. As detailed by Saudi Awwal Bank, the current agreement comes as part of its continuous commitment to financial innovation in the region. The financial institution sees blockchain as a key technology for optimising cross-border finance, tokenization of assets, and integration with global financial networks.
Furthermore, considering its resources and position in the Saudi Arabian financial system, Saudi Awwal Bank can test and deploy large-scale blockchain applications. Areas that the bank could explore include tokenized deposits and bonds, automated cross-border settlements, integration of blockchain-based identity and compliance systems, and participation in global tokenized capital markets.
Chainlink’s technological capabilities
When it comes to Chainlink’s offering as part of this collaboration, CCIP enables the transfer of tokens and data between multiple blockchains. The solution leveraged a decentralised network of nodes to verify and relay messages, minimising risks of exploits common in traditional bridging mechanisms. CCIP offers a secure foundation for Saudi Awwal Bank to transfer tokenized assets across different blockchains, conduct cross-border payments with verifiable settlement, and integrate public and private blockchains.
On the other hand, CRE is a decentralised execution layer that enables developers to build verifiable workflows across blockchains, APIs, and legacy systems. The product expands the guarantees of Chainlink’s oracle network into more complex workflows.
For financial institutions like Saudi Awwal Bank, using Chainlink’s solution could provide increased security, verifiability, interoperability, and efficiency.
