SABB, which runs on Ripple, signs MoU with HSBC to expand its business in Saudi Arabia
According to a press release, Ripple customer SABB (Saudi British Bank) has signed an MoU with UK banking giant HSBC to build real-time payments and new forex services to expand its business in Saudi Arabia.
today #Wave Partners SABB and HSBC have signed a Memorandum of Understanding to bring Advanced FX to Saudi Arabia, including remittances. Thanks for pointing this out, @its okay https://t.co/Ui71QvM8cI
— RathofKahneman (@WKahneman) 26 May 2022
The bank’s chief executive officer, Tony Cripps, said the collaboration with HSBC offers them a unique opportunity to start using state-of-the-art payment technology for their bank in Saudi Arabia.
SABB has been a customer of Ripple since late May 2019, when the San Francisco-based fintech giant established an ODL corridor from Saudi Arabia to India.
At the time, SABB merged with Saudi Hollandi Bank and had a low share of the local remittance market because most of its customers used some third-party companies for them. This prompted the bank to take advantage of Ripple’s technology for remittances.
New Opportunities for SABB and HSBC
Now, there has been an increase in foreign exchange transactions in the Kingdom of Saudi Arabia – remittances sent into the kingdom from expatriates from other countries have reached the highest peak since 2015.
With this peak, the value of cash transfers to Saudi Arabia increased by about 35% in 2021.
For HSBC, the collaboration with SABB is important as it enables HSBC to acquire more customers in the Middle East and manage their funds for them, as well as for them, according to Nuno Matos, the bank’s head of wealth and personal Ensures seamless dispatch. Banking.