Saudi British Bank Joins Consortium R3's Global Blockchain Ecosystem

in #crypto6 years ago




                <p>The Saudi British Bank (SABB) has become the country’s first bank to partner with enterprise software consortium R3 on its Corda platform.</p>
                <p><p>The Saudi British Bank (SABB) has become the first Saudi bank to join enterprise software firm and global banking consortium R3&rsquo;s blockchain ecosystem, local news outlet Trade Arabia reports today, September 11.</p><p>SABB enjoys a strong reputation, having reportedly been named by Global Finance magazine as the &ldquo;Best Trade Finance Bank&rdquo; in Saudi Arabia for the 10th consecutive year, &ldquo;Best Supply Chain Finance Bank&rdquo; in the Middle East for 2018, as well as Saudi&rsquo;s &ldquo;2018 Best Trade Finance Bank&rdquo; for the 2nd year running.</p><p>The bank joins R3&rsquo;s efforts to enlist a broad spectrum of partners and members from different industries in both the private and public sectors to help develop its Corda open-source blockchain platform, alongside its commercial iteration, dubbed &ldquo;Corda Enterprise.&rdquo; R3 CEO David E. Rutter has said that SABB&rsquo;s input to the consortium will be &ldquo;invaluable&rdquo; for R3&rsquo;s efforts to develop blockchain solutions for the financial sector.</p><p>David Dew, managing director of SABB, noted that the bank hopes to offer its clients &ldquo;all the far-reaching advantages of transaction-speed and security&rdquo; that flow from distributed ledger-based solutions.</p><p>As a recent Cointelegraph analysis piece has outlined, the Saudi Arabian Monetary Authority (SAMA) officially warned citizens against trading cryptocurrencies this August, cautioning against &ldquo;drifting after such illusion[s] and get-rich scheme due to the high regulatory, security and market risks involved.&rdquo;</p><p>Nonetheless, the country&rsquo;s long-term economic development program, &ldquo;Saudi Vision 2030,&rdquo; has featured blockchain initiatives that include the Riyadh Municipality&rsquo;s recent choice to partner with IBM on using blockchain for government services and transactions.</p><p>This spring, the Saudi Ministry of Communications and Information Technology joined forces with American blockchain community ConsenSys to host a three-day blockchain bootcamp.</p>




Posted from my blog : https://cryptotodays.com/saudi-british-bank-joins-consortium-r3s-global-blockchain-ecosystem/
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