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The news that the National Commercial Bank of Saudi Arabia (NCB) Joins RippleNet (XRP) did not come as a surprise, this is an aftermath of the blockchain firm’s recent pilot with the Saudi Arabian Monetary Authority (SAMA).
It is worth noting that compared to any country in the whole world, Saudi has a large number of people wanting to achieve cross-border remittance. Relevant information from the World Bank indicates that in 2016, nothing less than $308 million USD was sent into Saudi Arabia and around $37 billion USD was sent into the country as well.
Beyond Saudi Citizens, millions of foreigners enters the country in troops and every year, large number of people visit the country for religious sacrifice. These translates into more financial transactions –cross-border inclusive.
Over 10 Million Saudi Workers To Witness Relief From Ripple (XRP)
At the moment, KSA has more than 10 million foreign workers who have been facing high cost and slow cross-border remittance solution over the years, however, with this partnership, they can send their funds to their country while receiving an instant message that the fund has been remitted. Ripple tools are always effective and low cost, these make Ripple have an edge over other remittance protocols like Swift.
Ripple Connects NCB To Financial Institutions Around The World.
This collaboration will also make NCB link financial institutions across the world. With Ripple’s fast and open remittance system, NCB will first be linked to Singapore, then Asia and North America. This payment corridor will serve NCB beyond expectation, as it will bring in more customers for them every month.
What About SMEs?
The partnership will also help SMEs achieve their aims. Findings reveal SMEs make large volume of transactions. With Ripple partnering with one of the largest bank in Middle East and the first in the country, these SMEs have the opportunity to leverage RippleNet’s potential to achieve their aims.
NCB which was founded in 1953, has nothing less than 400 branches, it is regarded as the second largest in the Middle East, transacting enormous amount every month. Ripple partnering with this bank is an indication of the blockchain company’s outstanding performance.
With this, more banks in the Middle East will come around demanding partnerships with Ripple (XRP).