Largest financial institutions in the Middle East Saudi Arabia National Commercial Bank has joined RippleNet. Being a part of RippleNet has pushed NCB closer to the adoption of blockchain technology.
RippleNet is a network of banks and payment providers that use Ripple’s blockchain to process payments, including the option to leverage XRP to lower liquidity costs and improve speed.
The NCB is among the oldest in the country and serves over 5.4million clients locally and globally. The choice for RippleNet by the Saudi Arabia Monetary Authority (SAMA) is a huge boost for the platforms credibility and a good route to market for its products in the Middle East region.
The NCB will act as the regional hub that connects other financial institutions riding on the Ripple’s ecosystem in a bid to speed up transactions in a more transparent manner.
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.
Saudi Arabia is a massive hub for remittances and a prime target for Ripple.
Ripple will take advantage of the more than 400 branches across the region. The bank is also the second largest in the region in terms of its asset portfolio and this is a hot spot for XRP adoption.
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.