Ripple cooperates with Saudi Arabian Monetary Agency / First partnership with central bank Feb.16.2018

Strive to disseminate block chain technology led by central bank

The Saudi Arabian Monetary Authority (SAMA), Saudi Arabian Central Bank (KSA), signed a contract with Ripple.

SAMA plans to launch a pilot program for domestic banks to use Ripple's block chain for "immediate" international settlement.

This pilot program enables domestic banks to trade using Ripple's block chain software xCurrent, which performs end-to-end monitoring of settlements worldwide.

In the first pilot program involving the central bank, more than 100 financial institutions (such as banks, payment providers, etc.) on Ripple's block chain network RippleNet will be connected to the KSA.

In addition, the central bank of KSA is planning to provide program management and training for domestic banks, and Ripple emphasizes the enthusiastic efforts of central banks to adopt block chain technology.

Ripple adds that Saudi Central Bank's efforts will also benefit domestic bank retail customers who will experience transparent, inexpensive and fast transactions compared to traditional payment methods.