The new cross-border transfer service has been launched at the Financial Sector Conference in Riyadh, which was held between 24 and 25 April.
SABB has launched new service as part of its strategic plan towards digital transformation and improve customer experience.
In January 2018, SABB had joined Ripple’s network for blockchain technology under the assistance of the Saudi Arabian Monetary Authority (SAMA).
The technology was activated with the Indian Rupee currency of cross-border transfers via implementation of the first successful Ripple-based transfer pilot transaction in December 2018.
SABB corporate and institutional banking deputy managing director Majed Najm said: “This step is part of the Bank’s ongoing efforts to provide the best banking services to customers, make use of the latest technology and global banking products available, and create methods and means to save time and effort for our customers.
“This is also to maintain our leading position in achieving the ambitions of the Bank’s customers whether in the retail or corporate sector, and to support SABB’s vision to be the leading global bank in the Kingdom.”
SABB offers advanced services to the local market through its comprehensive digital channels in line with local and global changes. It also offers multiple digital services in the local market.
Najm further added: “SABB provides its customers with faster, safer and more transparent cross-border payment services by the launch of “Blockchain” technology through “Ripple”.”
SABB, a Saudi Joint Stock company, was formed in 1978 and is an associate of the HSBC Group. The bank offers a range of integrated banking products and services to both retail and corporate sectors via its departments, business segments and its branch network across the Kingdom of Saudi Arabia.
The bank’s products and services comprise of current accounts, savings, time deposits, corporate credit facilities, consumer and mortgage loans, trade finance, cash and payments management, treasury and credit cards.
