Ripple, the enterprise blockchain solution for global payments has confirmed that The National Commercial Bank (NCB) of Saudi Arabia has joined RippleNet, which enables the bank to connect to RippleNet financial institutions around the world.
NCB will first connect to other banks in North America and Asia, starting in Singapore. Launching these two initial payment corridors from the beginning will provide immediate value to NCB’s customers as they are regions that they have not had service to before. NCB was the first bank established in the country; today, it is one of the largest financial institutions in the Middle East with more than 5.4 million customers worldwide.
The Ripple team said:
“As more banks in the Kingdom of Saudi Arabia and the Middle East connect to RippleNet, their customers — real people and families across the world — will ultimately benefit. For SMEs and corporations that depend on NCB, more efficient and transparent remittances will provide stability and help them grow their business faster.”
NCB will be in production on RippleNet by the end of Q4 2018. Founded in 1953, NCB has over 400 branches across the country and is the second largest bank in the Middle East by total assets.