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Ripple Client SABB Plans to Expand Business with Help from UK Banking Giant

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Fri, 05/27/2022 - 13:12
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Yuri Molchan
SABB, which runs on Ripple, has signed MoU with HSBC in order to expand its business in Saudi Arabia
Ripple Client SABB Plans to Expand Business with Help from UK Banking Giant
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Ripple customer SABB (Saudi British Bank) has inked a memo of understanding with U.K. banking giant HSBC in order to create real-time payments and new Forex services to expand its business in Saudi Arabia, according to the press release.

The bank's chief executive, Tony Cripps, stated that the collaboration with HSBC provides them with a unique chance to start using state-of-the-art payment tech for his bank in Saudi Arabia.

SABB has been a client of Ripple since late May 2019, when the San Francisco-based fintech giant set up an ODL corridor from Saudi Arabia to India.

Back then, SABB had merged with Saudi Hollandi Bank and has a low share at the local remittance market since the majority of its customers used some third-party companies for those. This pushed the bank to start leveraging Ripple's technology for remittances.

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New opportunities for SABB and HSBC

Now, there is a surge in foreign currency transactions in the Kingdom of Saudi Arabia—remittances from expatriates from other countries sent to the kingdom reached the highest peak since 2015.

Along with this peak, the value of cash transfers made to Saudi Arabia rose by nearly 35% in 2021.

As for HSBC, the collaboration with SABB is important as this enables HSBC to gain more customers in the Middle East and manage their wealth for them, as well as ensure seamless remittances for them, according to Nuno Matos, the bank's chief of Wealth and Personal Banking.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.