The Saudi-British Bank (SABB) became the first financial institution in the country, which joined the global blockchain consortium R3.
Established in 1978, SABB is a Saudi joint stock company offering banking, commercial and investment services and has a strong reputation in the market. Thus, the magazine Global Finance magazine recognized for the tenth time in a row, as the “Best Trade Finance Bank” in Saudi Arabia, was named the best financial supply bank in the Middle East in 2018. SABB also announced by Euromoney as the “Best Bank for Financing in 2018” in the Kingdom for the second consecutive year, and has the status of the most outstanding commercial financial bank in the country.
Managing Director David Dew said: “We are very pleased to join R3, which brings SABB to the forefront of financial innovation, giving our customers the benefits of speed of transaction and security.”
In turn, R3 CEO David E. Rutter commented on the cooperation as follows: “As one of the leading international banks in the Kingdom, the SABB experience will be invaluable for R3. Using Corda, SABB will be able to actively participate in the development of new solutions, based on the blockchain system, to meet the growing needs of its customers. ”
Let us note that R3 is a financial and technological research company working with a broad ecosystem of more than 200 members and partners in various industries from the private and public sectors. Earlier it was reported that the head financial institution of Canada joined R3.