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...
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