UAE and Saudi Arabia trial cross-border payments on blockchain

Friday 14 December 2018 08:28 CET | News

The UAE and Saudi Arabia have launched a proof of concept (PoC) for experimenting with blockchain to help cross-border payments between the two countries.

The Central Bank of the UAE (CBUAE) and the Saudi Arabian Monetary Authority (SAMA) are behind the new initiative.

CBUAE and SAMA have selected an unnamed tech company to support the implementation of this PoC, which is expected to be completed in the last quarter of 2019.

The project started with initial knowledge transfer sessions, and is currently in the phase of business and technical requirements gathering.

Once completed, the outcome of this PoC will determine whether a digital currency could be introduced in normal market operations between the two countries.

In February 2018, Ripple signed an agreement with SAMA to support the nation’s banks in a blockchain-fuelled payments pilot.

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Keywords: banking, blockchain, digital, innovation, partnerships, payments , cross-border, regulation, CBUAE, Central Bank of the UAE, SAMA, Saudi Arabian Monetary Authority, fintech, Middle East
Countries: World

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