Saudi central bank pushes for adoption of new measures and reveals the accession of two new banks – is the XRP involved?

The Saudi central bank says it wants to work with domestic banks with Ripple's suite of cross-border payment solutions.

Mohsen Al Zahrani, director of innovation at the Monetary Authority of Saudi Arabia (SAMA), said he chose to work with Ripple because his use case is highly targeted. For starters, companies will use Ripple's xCurrent technology.

"SAMA runs the program. We accelerate it. We also organize training for all banks – extensive training on blockchain technology and Ripple. And the banks themselves started to implement the technology based on different use cases that we talked about in the program.

Banks have started using this technology for production. We had a bank that went into production using Ripple's xCurrent. Another one is going very soon. We have two other banks that will soon this quarter 2019. "

The Middle East is one of Ripple's main adoption goals.

Dilip Rao, Ripple's global infrastructure manager, said SAMA's participation was part of a wave of recognition that blockchain technology is the future.

"Central banks around the world are turning to blockchain technology to understand how it can transform cross-border payments, reducing trade barriers for businesses and consumers.

SAMA is the first central bank to provide resources to domestic banks that want to enable instant payments using Ripple's innovative blockchain solution. "

SAMA is badociated for the first time with Ripple in February of last year. In October, Ripple announced plans to open a new office in Dubai.

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