As per the statement from Ripple.Com
The National Commercial Bank is the first bank to establish in the country. The largest financial institution in the Middle East. NCB has over 5.74 million customers with over 400 branches around the world. Kingdom of Saudi Arabia has been one of the largest sources of remittances in the world. According to the World Bank, 308 million dollars were sent into the KSA, and 37 billion dollars in remittances were sent from the country in 2016.
The market of the Kingdom of Saudi Arabia is comprised of its citizens and foreign workers who in 2018 numbered over 10 million. Founded 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
NCB will connect to other financial institutions around the world through RippleNet in correspondence with the Saudi Arabian Monetary Authority. Ripple’s blockchain technology also provide her 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. NCB will be in production on RippleNet by the end of Q4 2018.
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