SAUDI BRITISH BANK (SABB) became a member of the blockchain ecosystem R3

Saudi British Bank (SABB), an associated company of the HSBC group in Saudi Arabia, became a member of the global blockchain ecosystem R3.

The Saudi-British Bank (SABB) was the first Bank in Saudi Arabia to join such an initiative.

Currently, the company R3 works with a large ecosystem for the development of Corda, its open source blockchain platform.

The platform is designed to register and manage contracts and other common data between firms and fulfill various requirements of financial institutions.

The overall initiative also includes the development of Corda Enterprise, a commercial version for enterprise use.

R3 CEO David Rutter noted that as one of the leading international banks in the Kingdom, the experience of the Saudi-British Bank (SABB) will be invaluable for R3.

Founded in 1978, SABB is a Saudi joint stock company offering banking, commercial and investment services.