Saudi Arabia tests blockchain technology in banks

Saudi Arabian Monetary Authority (SAMA) successfully pilots blockchain technology for depositsfunds to local commercial banks.

SAMA does not disclose the volume of injections through the blockchain,but recently, the Central Bank decided to allocate 50 billion Saudi riyals (~ 13.35 billion dollars), as part of a private sector lending program.

Details of the transaction have not been announced, but SAMAThis is not the first time that he has experimented with blockchain technology. At the beginning of last year, the UAE and Saudi Arabia announced the release of cryptocurrency to introduce cross-border transfers between countries. 

In 2018, SAMA began working with Ripple, providing local banks the opportunity to use the proven RippleNet payment infrastructure around the world.

Over the past 12 months, a rapidly growingThe Saudi fintech community has received several incentives, including the SAMA regulatory sandbox, new digital banking services and educational blockchain – programs.

Keeping the momentum of blockchain innovation and Bahrain,who launched a regulatory sandbox to attract blockchain startups and more established players. The UAE is also quite active both in the field of crypto and in blockchain technology, with numerous investments and initiatives.

Today it is obvious that Saudi Arabia, Bahrain and the UAE have become leaders in progress and blockchain innovation in the region.

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