An official news release states that Ripple client SABB (Saudi British Bank) and HSBC (the UK’s largest bank) have signed an agreement for the creation of new Forex services and real-time payments.
It’s a rare opportunity for the bank’s CEO, Tony Cripps, to use cutting-edge payment technology for his bank in Saudi Arabia, he said.
When Ripple launched an ODL corridor from Saudi Arabia to India in late May 2019, SABB became a customer.
After merging with Saudi Hollandi Bank, SABB had a low share in the local market for local money transfers since most clients were using third-party providers for such transactions. As a result, the bank began using Ripple’s remittance technology.
Foreign currency transactions in the Kingdom of Saudi Arabia are on the rise, with remittances from expatriates from other countries reaching their highest level since 2015. Cash transfers to Saudi Arabia also reached a record high in 2021, rising by over 35%.
Nuno Matos, HSBC’s CEO of Money and Personal Banking, says the bank’s partnership with SABB is significant because it allows HSBC to recruit new clients in the Middle East and manage their wealth for them, as well as ensure flawless remittances for them.
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