Saudi British Bank (SABB), an associate company of the HSBC Group in Saudi Arabia, SABB, is using Ripple to perfect its cross-border remittance.
The company in a release tagged “ Blazing a transformation trail: Saudi Arabia’s new digital frontier” declared that while the Saudi Government is looking forward to using cryptocurrency to achieve cross-border remittance, SABB is using Ripple to offer instant payment.
“Saudi Arabia is one of the largest remittances markets in the world, so a key focus is improving cross-border payments, making them cheaper and faster for our corporate clients,” says Ghada Al Jarbou, Head of Global Liquidity and Cash Management, Saudi British Bank (SABB).
“While the central bank is working on domestic instant payments offerings and investigating the possibility of real-time cross-border transactions with the UAE using a cryptocurrency, we are keen to offer instant payments on a global scale as soon as possible.”
She said the British bank, a respected and leading financial services group in Saudi Arabia that has been providing corporate clients with topnotch services in-country cash and liquidity solutions, went live on RippleNet in December 2018.
“We have just gone live end of December 2018”.
SABB, according to the update, is one of the three banks authorized by the central bank to test connections with Ripple for seamless and instant cross-border transfers using blockchain technology.
Euromoney has been recognizing SABB has the ‘Best Cash Management Provider in Saudi Arabia’ for the past nine years.
Ripple has been deployed by banks across the Middle East. The blockchain company is looking up to transforming the remittance world in the region and has since been partnering with different banks in Middle East to the extent that it received a support from Saudi’s SAMA.
Saudi British Bank (SABB): First Saudi Bank To Join Consortium R3
In September 2018, the Saudi British Bank (SABB) became the first bank in the country to partner the world-recognized blockchain consortium chaired by R3.
R3 has a global network of more than 200 banks, financial services firms, technology companies, central banks, regulators, trade associations, among others. The network gives permission to firms to use Corda enterprise distributed ledger platform deployed for commerce and finance.
Ripple’s XRP Market Cap Is Wrong, Researcher Claims
A cryptocurrency research firm by the name Messari has hinted that Ripple’s XRP market cap is not as presented across different platforms. The research claims that XRP market cap should actually be $6.9 billion instead of $13 billion claimed by coinmarketcap.
The report published that Ripple’s XRP circulating market cap is “significantly overstated” by around 46%.
While Ripple enthusiast have contended this form of issues in the past. Many among them are still of the opinion that the market cap of Ripple’s XRP is underestimated.
Cory Johnson, Chief Marketing Strategist at Ripple was the first to accuse Coinmarketcap of underestimating the value of Ripple’s XRP.
“Imagine if they calculated the marketcap correctly,” Cory said while sharing a post on Twitter.
— Cory Johnson (@CoryTV) November 26, 2018
Meanwhile, in November 2019, XRPcryptowolf one of XRP lovers who demanded from Coinmarketcap to look into the issue got a favourable response.
Hey @CoryTV! @CoinMarketCap responded to my request of calculating the correct marketcap for XRP. They need someone from @Ripple to submit the request.@JoelKatz @bgarlinghouse @miguelvias @chrislarsensf @diliprao @nbougalis @MonicaLongSF @wsculley @ashgoblue @haydentiff @XRPTrump https://t.co/MwearLFs8W
— XRPcryptowolf (@XRPcryptowolf) November 28, 2018
Hello, to help us process this request, we kindly ask that you have a member of the official team submit a supply update request here: https://t.co/sHwuF2OSLZ and select “I want to update information on an existing cryptocurrency or exchange”. Thank you for your understanding.
— CoinMarketCap (@CoinMarketCap) November 28, 2018
Analysts are also of the opinion that Coinmarketcap falls short of necessary statistics. Galgitron, a Ripple’s enthusiasts gave some insight on this on his blog.