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Financial services, Saudi Arabia, Technology

Saudi Arabia’s SABB joins global blockchain consortium

The Saudi British Bank (SABB) has joined enterprise software firm R3’s global blockchain ecosystem.

David Dew, SABB
David Dew, SABB

SABB is the first bank in Saudi Arabia to join such an initiative. SABB has always been at the forefront of offering value added digital solutions to its clients and this is another step in that direction.

David Dew, Managing Director of SABB, said, “We are extremely pleased to join R3 which puts SABB at the cutting edge of financial innovation, giving our clients all the far-reaching advantages of transaction-speed and security that flow from the DLT based solutions”

R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 200 members and partners across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.

Corda is the world’s only enterprise blockchain platform designed to record, manage and synchronise contracts and other shared data between trading partners and to meet the complex requirements of the world’s largest financial institutions.

David E. Rutter, CEO, R3, said, “As one of the leading international banks in the Kingdom, SABB’s experience will be invaluable to R3. Using Corda, SABB will be able to actively participate and work towards development of solutions based on blockchain to meet the growing needs of its customers.”

 

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