NEWS
National Commercial Bank of
Saudi Arabia Joins RippleNet
KSA launches
Digital Giving
initiative
to spread
technical
awareness
S
audi Arabia plans to launch the world’s
largest digital initiative, Digital Giving,
to spread digital knowledge among Arab
communities around the world.
The initiative, which will be launched under the
auspices of the Ministry of Communications
and Information Technology (MCIT),
aims at enriching Arab technical content
through a number of innovative means and
creative tools. This will be achieved with the
participation of a group of experts, specialists
and technical amateurs from around
the world. The project demonstrates the
kingdom’s pioneering role in leading Digital
Transformation in Arab societies.
MCIT has announced the completion of all
preparations for the launch of this initiative to
enhance digital capabilities by contributing
to educating the Arab community on digital
content and technical knowledge, supporting
the non-profit sector in developing technical
skills and accelerating Digital Transformation
in the operations of institutions and activities.
T
he National Commercial Bank (NCB)
has joined Blockchain provider
RippleNet, following Ripple’s recent pilot
with the Saudi Arabian Monetary Authority.
NCB will connect to other financial
institutions around the world through
RippleNet. Ripple’s Blockchain
technology provides their customers
with faster and more transparent
international payment services.
The bank will first connect to financial
institutions in North America and Asia,
starting in Singapore.
Launching these two critical payment
corridors offers immediate value to
NCB’s customers, offering services in
regions that they have not had access
to before.
10
INTELLIGENTCIO
Since its foundation in 1953, NCB has
been a financial leader in the country
and region, serving both people residing
in the Kingdom of Saudi Arabia and
across the world.
It currently has 400 branches across the
country and is the second largest bank
in the Middle East by total assets. NCB’s
decision to join RippleNet is an innovative
step forward in Blockchain adoption in
both the Kingdom of Saudi Arabia and
across the Middle East.
The initiative involves organising distance
training courses, direct training courses and
seminars to spread digital awareness and
enrich the Arab technical content on the
Internet using many advanced media and
technology tools.
Professionals, those interested in technology
and members of the non-profit sector can
participate in the Digital Giving initiative by
visiting a dedicated website.
For SMEs and corporations that depend
on NCB, more efficient and transparent
remittances will provide stability and help
them grow their business faster.
NCB will be in production on RippleNet by
the end of Q4 2018.
www.intelligentcio.com