The Saudi British Bank has announced that it will leverage Ripple's technology in order to provide its corporate clients with instant USD settlements.
This is the third corridor that has been opened with the help of Ripple.
In 2019, the San Francisco-based company also helped Saudi British Bank to launch remittance corridors to India and Sri Lanka.
Ripple's Brooks Entwistle claims that the expansion of the partnership will benefit corporations 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.
Last month, Ripple CEO Brad Garlinghouse said that the Middle East was the company's fastest-growing region.
Ripple's business activity has seen a five-fold increase there over the past year.
Ripple CEO Brad Garlinghouse says the Middle East is the company's fastest growing region #XRP pic.twitter.com/tHInXiRuy5— ????XRP (@BankXRP) October 29, 2021
SABB become one of the first banking institutions to join the sprawling RippleNet network.
The Saudi Arabian bank started piloting Ripple's cross-border payment service with Indian rupees in December 2018 after forging a deal with the company earlier that year.