CONFIRMED RIPPLENET MEMBER

[Armanius]

https://xrparcade.com/news/confirmed-ripplenet-member/

 

According to the report, titled: “Blazing a transformation trail: Saudi Arabia’s new digital frontier”, ” SABB is one of the three banks approved by the central bank to test connections with Ripple for instant settlement of crossborder transfers using blockchain technology”. This statement comes from Ghada Al Jarbou, the Head of Global Liquidity and Cash Management of SABB. Moreover, she added that SABB has just gone live in the end of December, 2018,

[Archbob]

Looks like good news, more inroads into the Middle East.

[Guest]

SABB is owned by HSBC

[davygravy77]

Just now, AlexCobb said:

SABB is owned by HSBC

And the dominoes keep lining up

[Archbob]

6 minutes ago, AlexCobb said:

SABB is owned by HSBC

That is not a accurate statement:

https://en.wikipedia.org/wiki/Saudi_British_Bank

HSBC holdings only owns a minority stake in SABB. SABB and HSBC have a joint venture called "HSBC Saudi Arabia Limited" in which SABB actually has a majority stake(51%) in. So no, HSBC does not own SABB, they are seperate entities.

[RecentChange]

Are they using xCurrent or xRapid?

[Guest]

28 minutes ago, Archbob said:

That is not a accurate statement:

https://en.wikipedia.org/wiki/Saudi_British_Bank

HSBC holdings only owns a minority stake in SABB. SABB and HSBC have a joint venture called "HSBC Saudi Arabia Limited" in which SABB actually has a majority stake(51%) in. So no, HSBC does not own SABB, they are seperate entities.

Huh, well their logo is exactly the same as HSBC.

also read from that same Wikipedia page that HSBC "acquired" SABB in 1959 

[Archbob]

SABB was created in in 1978 well after the acquisition. They are affiliate with HSBC, but they are not owned by HSBC.

They were created in response to Saudi regulations restricting foreign ownership of banks. HSBC basically incorporated them as an affiliate to mange branches in Saudi Arabia. They are 60% Saudi owned and 40% HSBC owned.

Edited January 25, 2019 by Archbob

[Armanius]

38 minutes ago, strikerjax said:

Are they using xCurrent or xRapid?

Probably xCurrent for now. I guess they gonna pilot xRapid first before jumping into it.

Edited January 25, 2019 by Armanius

[GrayFox]

3 hours ago, AlexCobb said:

SABB is owned by HSBC

Not really, HSBC owns a minority stake in the bank (around 40%). It was one of the earliest banks to open shop their but some of the Gulf countries are akin to China where they don't like foreign ownership of certain sectors and the state tends to own the controlling stakes. As of now, Saudi Arabia owns 60% stake in the bank so its not entirely true to say HSBC owns it but they do play an incredible role in many of the Bank's ventures and have partnered on many projects. If anything SABB might be the xRapid gateway drug for HSBC 

[King34Maine]

4 hours ago, AlexCobb said:

Huh, well their logo is exactly the same as HSBC.

also read from that same Wikipedia page that HSBC "acquired" SABB in 1959 

Wikipedia is not exactly the best source of information FYI

[Archbob]

Wiki is actually right though, he just selectively read parts of the article and didn't read the entire article.

[BrownBear]

7 hours ago, King34Maine said:

Wikipedia is not exactly the best source of information FYI

Wait what? So I cannot base my thesis on Wiki articles?

[aye-epp]

12 hours ago, King34Maine said:

Wikipedia is not exactly the best source of information FYI

I disagree.  Wiki is an amazing source of info, arguably none better.  It's so detailed that often times information is misunderstood by the reader.

statement in question: The bank traces its origins to the British Bank of the Middle East which was acquired by HSBC in 1959. In response to restrictions on foreign ownership of banks in Saudi Arabia, SABB was created in 1978 to manage HSBC branches and assets in the country.

[fiik]