The National Commercial Bank (NCB) of Saudi Arabia has partnered Ripple for better means of remittance payment backed by blockchain technology. This marks further expansion of Ripple as it sees more adoption.
The New Partnership
The Ripple official blog recently informed the crypto community of the further expansion of its blockchain-based payment services into the middle east.
Saudi Arabia has a large stake in the world remittance market. According to the World Bank, the country had 308 million dollars sent into the country in 2016 and 37 billion dollars sent from the country same year.
One of the main goals of the Ripple Blockchain is seizing a measure of the worlds’ remittance market from the grip of Swift, the decades-old payment system. This has driven the expansion of the Ripple Blockchain tech into the Indian market, which is considered highly significant in the remittance market, Asia, and the Middle East.
The remittance market in Saudi Arabia covers the country’s citizens and foreign workers that numbered 10 million people in 2018. Further, the small scale and medium enterprise SMEs make the significant volume of payment as the sector is recognized as the key to the future development and growth of Saudi Arabia.
Ripple’s partnership with the National Commercial Bank of Saudi Arabia has been preceded by the Ripple’s collaboration with the Saudi Arabian Monetary Authority as it’s set to gain ground in the Middle Eastern market.
National Commercial Bank (NCB) of Saudi Arabia is one the first financial institutions to be established in Saudi Arabia. This was created in the year 1953. Since its creation, it has grown to become a leading financial institution in the country with over 400 branches across.
The NCB serves residents of Saudi Arabia and also others across the world, and it is rated as the second largest bank in the Middle East by total assets. The bank will first be connected to financial institutions in North America and Asia, starting in Singapore through Ripplenet.
Ripple is a real-time gross settlement system, currency exchange and remittance network created by Ripple Labs.
NCB’s decision to partner Ripple is an innovation that aims to expand the growth of blockchain in Saudi Arabia, and also, it will further expand the reach of the Ripple blockchain payment technology.