Ripple has continued to grow Its business in the Middle East with partnerships with fintech companies and banks. Late last month it partnered with Al Ansari Exchange and Pyypl. Its recent partnership is with the Saudi British Bank.
Ripple Technology to Provide Instant USD Settlement for Corporate Clients
According to an announcement on November 2, Saudi British Bank confirmed that it will use Ripple’s technology to provide its corporate clients with instant settlement in US dollars.
This is the third corridor that was opened with the help of Ripple.
In 2019, the San Francisco-based company also helped Saudi British Bank open remittance channels to India and Sri Lanka.
Ripple’s Brooks Entwistle claims that they are excited to be working with SABB to bring the Ripple-Powered USD Settlement Service to the market and also continue their long-term partnership for the benefit of businesses and consumers in the region.
Brad Garlinghouse Says the Company is Growing Very Fast in the Middle East
Last month, Ripple CEO Brad Garlinghouse stated that the Middle East is the company’s fastest-growing region.
In the past year, Ripple’s business there has increased fivefold.
SABB was one of the first banking institutions to join the 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.