Feb 15, 2018

This major central bank signed a deal with #Ripple

Saudi Arabia’s central bank has signed a deal with U.S.-based Ripple to help banks in the kingdom settle payments using blockchain software, as Gulf regulators begin to explore new forms of financial technology.

The pilot program is the first of its kind to be launched by a central bank, allowing banks in Saudi Arabia to use Ripple’s software to instantly settle payments sent into and out of the country, the company said late on Wednesday.

This will allow Saudi banks to make faster, cheaper and more transparent cross-border transactions, Ripple said, adding that the central bank would provide training to Saudi banks interested in the program.

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