According to local news outlet of trade Arabia its believed that (SABB) that is, Saudi British bank became first of its kind to join software enterprises firm and global banking consortium R3s block chain
The naming of SABB by global finance being the best trade finance bank has made it enjoy it strong reputation for the past 10 consecutive years in Saudi Arabia and also making it as the best apply chain finance bank in the middle east region for the year 2018.
SABB is putting a lot of commitment to ensure broad partnership and membership from various industries which include private and public sectors to assist in the developments of corda open source block chain platform with other commercial bank.
According to R3s CEO David E. Rutter has said that SABBS investment to the consortium will be important for R3s effort to develop block chain solution for the financial sector. The managing director of SABB called David Dew noticed the motive of bank to offer its clients the best in transaction services and security within the bank system.
According to (SAMA) the Saudi Arabian monetary authority officially cautioned their citizens against secret currencies this august warning against changes after such manipulation of getting rich through schemes due to the high regulatory, security and risks involved in market.
However, the Saudi vision 2030 being the country’s long term economic development program has embraced block chain initiatives that involves the Riyadh municipality recent opinion to partner with IBM on using block chain for government transaction and services.
There has been conduct of law suit between R3 consortium and Ripple labs, the litigation started one year ago when R3 filed a lawsuit against ripple labs claiming that it was going against advance purchase of agreement between for XRP tokens. The disagreement has delayed for a while now but both companies have come to good terms. Agreement between R3s global chain ecosystem and ripple labs will be of great importance to the Saudi Arabia bank as it puts effort for the betterment of future investments.