Ripple continues to make media headlines all over the world these days. After initial successes in Asia, the company is now establishing a global presence. Earlier this week, news broke about a partnership with Indian institutions. It now appears Ripple is also bringing their blockchain technology to Saudi Arabia. Another major validation of this technology, that much is evident.
Saudi Arabia is a major financial hub. Even though most people are not aware of it, the country plays a big role in the global financial ecosystem. In fact, the country is home to the world’s largest Islamic Bank. Al Rajhi Bank recently completed a successful trial of Ripple blockchain technology. At that time, it was unclear if this would be a one-time effort or not.
Saudi Arabia is a big Frontier For Ripple
Fast forward to today, and it appears things are shifting into a higher gear. The Saudi Arabian stock market has done extremely well recently, which is quite surprising. Similar markets in the rest of the world are anything but hot right now. This market boost has been extremely positive for Al Rajhi Bank specifically, as they noted a 32-month high.
Now is the time to take things to a whole new level. The bank is looking to further experiment with Ripple technology. It is evident the list of banks looking into this technology continues to grow. With footholds in many different countries already, things are looking very promising for this blockchain solution. The world of banking will never be the same once Ripple’s Consensus ledger is embraced by everyone. Global real-time payments will become the new norm, one way or another.
TechSci Research reports how Saudi Arabia will see major changes to its banking system by 2022. That is still a few years away, though. Then again, we already see the first potential chances in the form of Ripple technology. With an expected growth to US$344bn by 2022, Ripple can certainly stake its claim in this particular market. It will be interesting to see how this scenario plays out in the coming years.
Header image courtesy of Shutterstock