Saudi British Bank joins major blockchain initiative

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

SABB is the first bank in KSA 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”

David E Rutter, CEO of R3, commented: “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.”

SABB is a leading trade bank in the Kingdom and has been named by Global Finance magazine as the “Best Trade Finance Bank” in Saudi Arabia for the 10th consecutive year and Best Supply Chain Finance Bank in the Middle East for 2018. SABB has also been named by Euromoney as the “2018 Best Trade Finance Bank” in Saudi Arabia for the 2nd year in a row, widely acknowledging SABB as the pre-eminent trade finance bank in the Kingdom.

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.