Saudi Arabia’s NCB Joins RippleNet, Saudi British Bank Enters R3’s Consortium
Cryptovest
Published Sep 14, 2018 09:06AM ET
Updated Sep 14, 2018 10:20AM ET
Saudi Arabia’s NCB Joins RippleNet, Saudi British Bank Enters R3’s Consortium
Ripple, the company behind the cryptocurrency with the same name, announced on Thursday that the National Commercial Bank (NCB), also known as AlAhli Bank, joined RippleNet after the blockchain firm conducted a pilot with the Saudi Arabian Monetary Authority. The NCB is the first bank founded in the Kingdom of Saudi Arabia, and the second largest bank in the Arab world. With over 5.4 million clients worldwide, the bank practices Islamic banking and finance and plans to turn into a fully Islamic bank within the next few years. Earlier, the Saudi British Bank joined R3’s blockchain ecosystem.
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