Saudi British Bank joins R3 Blockchain Consortium

Wednesday 12 September 2018 10:43 CET | News

Trade finance-focused Saudi British Bank has announced partnering with blockchain company R3 to offer transaction-speed services.

According to a report issued by Trade Arabia, SABB has noted that their priority revolves around giving their clients the advantages of transaction-speed and security that flow from the DLT-based solutions.

SABB will be implementing R3’s Corda platform, which includes finance and commerce features. Furthermore, Corda rids a business’ costs incurred by enabling businesses to transact directly. Despite Saudi Arabian Monetary Authority’s (SAMA) warning against crypto trading, the country has a plan dubbed, “Saudi Vision 2030”, that will be supporting new blockchain projects starting with Riyadh Municipality’s collaboration with American tech company IBM, as per Coin Telegraph.

SABB is an Associated Company of the HSBC Group. Established on 12 Safar 1398(H) SABB formally commenced activities on 26 Rajab 1398(H), when it took over the operations of The British Bank of the Middle East in the Kingdom of Saudi Arabia.

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Keywords: Saudi British Bank, Saudi Arabia, R3 blockchain consortium, R3, blockchain, transaction-speed services, trade finance, DLT-based solutions
Countries: World