National Commercial Bank of Saudi Arabia fuses with Ripple to boost blockchain in the Middle East

National Commercial Bank of Saudi Arabia fuses with Ripple to boost blockchain in the Middle East 23088
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Madhurima Roy
Sep 14, 2018 at 1:11 PM

Ripple has just announced yet another development to boost its standing in the world of digital assets. The company announced on Friday that the National Commercial Bank (NCB), the first Saudi bank and among the largest financial institutions in the Middle East, has joined RippleNet. Being a part of RippleNet has pushed NCB closer to the adoption of blockchain technology.

How will Ripple help in blockchain adoption in Saudi Arabia?

RippleNet will be a medium for NCB, which has a global customer base of more than 5.4 million. NCB will be able to offer its clients “faster and more transparent international payment services” with the implementation of the blockchain technology of Ripple.

In a post on its website, Ripple said: “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.”

“As more banks in the Kingdom of Saudi Arabia and the Middle East connect to RippleNet, their customers — real people and families across the world — will ultimately benefit. For SMEs and corporations that depend on NCB, more efficient and transparent remittances will provide stability and help them grow their business faster,” said Ripple, discussing the perks that NCB will enjoy.

Moreover, Ripple will also benefit greatly from the partnership with NCB. The Kingdom of Saudi Arabia is a long-term holder of a “massive market” in the finance space. An association with one of the banking pioneers in the Middle East will help Ripple in positioning itself not only in the Middle East but also in the global crypto market. This new development is expected to boost Ripple's growth in the financial industry.

 

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Image via Shutterstock

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