• SABB, a Ripple client, intends to expand its operations with the assistance of a UK banking giant

  • According to a news release, Ripple customer SABB (Saudi British Bank) has signed a memorandum of understanding with U.K. banking giant HSBC to develop real-time payments and new Forex services in order to expand its operations in Saudi Arabia.

    Tony Cripps, the bank’s CEO, claimed that the relationship with HSBC gives them with a unique opportunity to begin implementing cutting-edge payment technology for his Saudi bank.

    SABB has been a Ripple client since late May 2019, when the San Francisco-based fintech giant established an ODL corridor connecting Saudi Arabia and India.

    SABB had amalgamated with Saudi Hollandi Bank at the time and had a minimal proportion of the local remittance industry because the majority of its clients used third-party organizations for such. This prompted the bank to begin utilizing Ripple’s technology for remittances.

    SABB and HSBC have new opportunities.

    There is now a boom in foreign currency transactions in the Kingdom of Saudi Arabia, with remittances from expatriates from other nations reaching their highest level since 2015.

    Along with this high point, the value of cash transfers to Saudi Arabia increased by about 35% in 2021.

    According to Nuno Matos, the bank’s chief of Wealth and Personal Banking, the relationship with SABB is crucial since it allows HSBC to recruit more customers in the Middle East and manage their wealth for them, as well as ensuring flawless transfers.

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