During the last ten years, Saudi Arabia remains one of the leaders in money transfers worldwide. According to the world Bank, in 2016 308 million dollars was sent into the country, and $ 37 billion in remittances was sent from her.
This massive market is mainly composed of Saudis and foreign workers that in 2018 there are more than 10 million. In addition, as large corporations and small and medium enterprises are responsible for a significant amount of payments. Small and medium enterprises, in particular, are a priority for the government of Saudi Arabia, as they shape future economic growth. Today, they are served by domestic financial institutions.
After the recent testing of foreign exchange control Saudi Arabia products Ripple, their national commercial Bank joined RippleNet. In addition, he is also the first Bank in the country, and today is still one of the largest financial institutions in the middle East, with more than 5.4 million customers worldwide.
The Bank will be able to connect to other financial institutions around the world through RippleNet. The technology of the blockchain Ripple also allows you to make faster and more secure cross-border payments. The Bank will first make a connection to financial institutions in North America and Asia, primarily in Singapore. The launch of these two major corridors for payments out of the gate offers the customers of the National commercial Bank services in the regions to which they could not reach before.
Today they have 400 branches across the country and is the second largest Bank in the middle East by total assets. The Bank’s decision to join RippleNet is an important step in making the technology of the blockchain in Saudi Arabia and the middle East.
For small and medium-sized enterprises and companies that use the services of the National commercial Bank of Saudi Arabia, more efficient cash transfers will provide stability and will help them to develop their business.
National commercial Bank of Saudi Arabia will finally complete the connection to RippleNet by the end of the fourth quarter of 2018.
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