One of the Saudi banks, the Saudi British Bank (SABB) has just joined the global banking consortium R3. According to the report by local media outlet Trade Arabia on Sept 11, SABB is the first Saudi bank to join the enterprise software firm’s blockchain ecosystem.
SABB managing director David Dew stated that the bank is hoping to offer their clients “all the far-reaching advantages of transaction-speed and security” which they said would flow from distributed ledger-based solutions.
Recently, the Saudi Arabian Monetary Authority (SAMA) has just issued a warning to citizens against trading cryptocurrencies. The notice cautioned crypto investors against “drifting after such illusion[s] and get-rich scheme due to the high regulatory, security and market risks involved.”
Still, Saudi’s long-term development program has featured blockchain related projects that include the partnership between IBM and Riyadh Municipality to deliver services and transactions.