IslamicFinance.de

Saudi Arabia’s largest bank recently completed its first cross-border transfer using Ripple technology. Having Al Rajhi Bank on board is a major validation for the blockchain service provider. Money was transferred between Al Rajhi Bank offices across Saudi Arabia and Jordan. The transfer took mere seconds to complete and reduced fees to a bare minimum. Completing this trial will help Saudi Arabia digitize the customer banking experience even further. More specifically, digitizing the banking experience will allow for faster and cheaper transactions. Al Rajhi Bank runs over 200 remittance centers across the country. The whole Kingdom of Saudi Arabia may soon see mass adoption of Ripple’s ecosystem.