The Saudi British Bank (SABB) has launched the Instant International Dollar Transfer for businesses, covering the United States, using blockchain technology supported by Ripple, The launch of this service was announced during the fifth edition of the Future Investment Initiative forum, organized by the Public Investment Fund from October 26–28, 2021, in Riyadh.

This expansion of the system to cover the United States is the third through Ripple, following the successful launch of this technology for the Indian rupee and Sri Lankan rupee in early 2019. In line with the Kingdom’s focus on digitally enabled solutions, SABB seeks to provide innovative solutions to its customers in a more comprehensive manner.

Commenting on this significant milestone, Mr. Majid Najm, Deputy Managing Director of Corporate and Institutional Banking at SABB, said: “SABB has always been at the forefront of adopting cutting-edge technological solutions, and in providing the best integrated banking products and services, and innovating solutions that save our customers time and effort. Undoubtedly, these initiatives also contribute to maintaining our leading position in fulfilling our customers” aspirations and supporting SABB’s vision to be the leading international bank in the Kingdom."

The Saudi British Bank (SABB) is a financial institution licensed, regulated, and supervised by the Saudi Central Bank. It was established in 1978 as a Saudi joint-stock company and is an affiliate of the HSBC Group.

SABB offers integrated financial and banking services, including personal banking, corporate banking, investment banking, private banking, and treasury services. SABB’s paid-up capital stands at 20.5 billion riyals.