Saudi Arabian Monetary Authority pilots Ripple payments
Together, they have created a programme to help banks use xCurrent, Ripple’s enterprise software solution that instantly settles cross-border payments with end-to-end tracking.
According to Ripple, this is the “first of its kind to be launched by a central bank”, and SAMA will support Saudi banks with management and training.
Dilip Rao, global head of infrastructure innovation, Ripple, says: “Central banks around the world are leaning into blockchain technology in recognition of how it can transform cross-border payments, resulting in lower barriers to trade and commerce for both corporates and consumers.”
The paytech scene in Saudi Arabia is certainly getting lively.
As reported last month, consultant and testing services provider FIME was selected by mada, Saudi Arabia’s domestic payment scheme, to develop a bespoke cloud-based testing platform and certification process.
“All of this work ties into supporting the Saudi Vision 2030 goal of a cashless society,” said Ziad Al Yousef, general director of payment systems department at SAMA.
Meanwhile, Ripple is on a roll.
A few days ago, UAE Exchange chose its blockchain technology to power its real-time cross-border payments.
Prior to that, Hong Kong-based money service LianLian International chose xCurrent to process real-time cross-border payments into China.
In addition, Forbes released a handy “Crypto Rich List” – a compilation of the 20 wealthiest people in crypto. Chris Larsen, a long-time tech executive and founder of Ripple, came top with a net worth close to $20 billion in early January 2018, as a result of owning 5.2 billion XRP, the token of Ripple.