Saudi Arabia ‘s National Commercial Bank (NCB) boasting the second largest asset value in the Middle East has participated in RippleNet (RippleNet) aiming at facilitation of settlement centered on the product of Ripple (XRP).
It is said that NCB can greatly reduce the cost of interaction with other financial institutions by utilizing Ripple’s distributed ledger technology (DLT) in the future.
There is also the merit that customers using this bank can enjoy the payment service that is faster and more transparent than before.
The Saudi Arabia There are many workers and small and medium-sized enterprises from overseas, in the survey of 2016, remittances to Saudi Arabia $ 308 million, overseas remittances from the country has recorded 370 billion.
NCB is said to start communication with overseas institutions using RippleNet from Singapore and then expand to North America and Asia.
In the Middle East region, other financial institutions in the United Arab Emirates , Oman and Kuwait are also participating in RippleNet, and it is highly likely that Ripple will further advance into the Middle East market.
Article Source: National Commercial Bank of Saudi Arabia Joins RippleNet
Author: Yuya 【Coin Desk News】 – Source Post: https://crypto-times.jp/national-commercia-bank-to-join-ripplenet/
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