The Saudi British Bank has stated that it would use Ripple’s technology to enable immediate USD settlements to its business clients.
This is the third corridor that has been opened thanks to Ripple’s assistance. The San Francisco-based firm also assisted Saudi British Bank in the establishment of remittance corridors to India and Sri Lanka in 2019. Brooks Entwistle of Ripple argues that the partnership’s expansion would help both businesses and consumers in the region:
We’re excited to bring this to market in partnership with SABB and to continue our longstanding partnership to the benefit of corporates and consumers alike in the region.
The Middle East, according to Ripple CEO Brad Garlinghouse, is the company’s fastest-growing area.
Ripple CEO Brad Garlinghouse says the Middle East is the company’s fastest growing region #XRP pic.twitter.com/tHInXiRuy5— 𝗕𝗮𝗻𝗸XRP (@BankXRP) October 29, 2021