The National Commercial Bank of Saudi Arabia just joined RippleNet. According to Ripple, the financial giant will go into production by the end of the year.
“NCB will connect to other financial institutions around the world through RippleNet. Ripple’s blockchain technology also provides their customers with faster and more transparent international payment services.
The bank will first connect to financial institutions in North America and Asia, starting in Singapore. Launching these two critical payments corridors out of the gate offers immediate value to NCB’s customers — services in regions that they have not had access to before.”
RippleNet is a network of banks and payment providers that use Ripple’s blockchain to process payments, including the option to leverage XRP to lower liquidity costs and improve speed.
The National Commercial Bank of Saudi Arabia is one of the Middle East’s most powerful financial institutions, with more than 5.4 million customers worldwide.
Saudi Arabia is a massive hub for remittances, and a prime target for Ripple.
For the last 10 years the Kingdom of Saudi Arabia has been one of the largest sources of remittances in the world.
According to the latest data from the World Bank and compiled by the Pew Research Center, more than $44 billion in remittances were sent from Saudi Arabia to other countries in 2016.
The Ripple Beat