The British Saudi bank joins the R3 Global Blockchain Ecosystem consortium

Saudi British Bank (SABB) became the first Saudi bank to become part of the enterprise software ecosystem and the global banking consortium R3 & # 39; s blockchain ecosystem, reports the local news Trade Arabia today, Sept. 11.

SABB has a solid reputation, according to Global Finance magazine as "Best Trade Finance Bank" in Saudi Arabia for the 10th consecutive year, "Best Supply Chain Finance Bank" in the Middle East for 2018, so as "2018 Best Trade Finance Bank" of Saudi Arabia for the second year in a row.

The bank adheres to R3's efforts to enlist a wide range of partners and members from various sectors in both the public and private sectors to help develop its open source blockchain platform Corda, alongside its commercial iteration, dubbed "Rope" Enterprise. "R3 CEO David E. Rutter said SABB's input to the consortium will be" invaluable "to R3's efforts to develop blockchain solutions for finance companies. ector.

David Dew, CEO of SABB, noted that the bank hopes to offer its customers "all the far-reaching benefits of transaction speed and security" resulting from solutions based on distributed accounting books.

The recent Cointelegraph analysis article outlined, the Saudi Monetary Authority (SAMA) has officially warned citizens of the trade in cryptocurrencies in August, warning against "the drift after this illusion [s] and the pattern of enrichment due to the high risks of regulation, security and the market "

However, the country's long-term economic development program," Saudi Vision 2030 ", presented blockchain initiatives that include the recent decision by the Municipality of Riyadh to collaborate with IBM on the use of blockchains for government services and transactions.

spring, the Ministry of Communications and Saudi Informatics joined forces with the American community of blockchain ConsenSys to host a three-day blockade hain bootcamp.

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