The Saudi British Bank (SABB), an associated company of the HSBC Group in Saudi Arabia, has become a member of R3’s global blockchain ecosystem.

SABB has become the first Saudi Arabian bank to join such an initiative.

SABB managing director David Dew said: “We are extremely pleased to join R3 which puts SABB at the cutting edge of financial innovation, giving our clients all the far-reaching advantages of transaction-speed and security that flow from the DLT based solutions.”

An enterprise software firm, R3 is currently working with a large ecosystem to develop Corda, its open-source blockchain platform.

The platform is being designed to record and manage contracts and other shared data between firms and fulfil various requirements of the financial institutions.

More than 200 members and partners across multiple industry verticals are currently associated with the blockchain ecosystem.

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By GlobalData

The overall initiative also includes the development of Corda Enterprise, the commercial version for enterprise usage.

R3 CEO David E Rutter said: “As one of the leading international banks in the Kingdom, SABB’s experience will be invaluable to R3.

“Using Corda, SABB will be able to actively participate and work towards development of solutions based on blockchain to meet the growing needs of its customers.”

Founded in 1978, SABB is a Saudi Joint Stock Company offering Islamic banking, commercial banking and investment banking services.