Saudi Arabia’s Central Bank Signs Deal With Ripple

by Forbes Middle East Forbes Middle East - Business News

SAMA is the second central bank globally to introduce Ripples blockchain-based cross-border payments platform, following the Bank of Englands pilot project in 2017.

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The Saudi Arabian Monetary Authority (SAMA) has signed an agreement with the U.S.-based blockchain company Ripple to help participating banks in the kingdom use its enterprise software to instantly facilitate cross-border payments.
The pilot program is the first of its kind to be launched by a central bank, the company said in a statement. The central banks partnership with Ripple will potentially transform how banks in the Kingdom send money globally, while allowing bank customers access to faster, cheaper and more transparent cross-border transactions. As part of the deal, SAMA will also provide interested banks in Saudi with program management and training.