Ripple Client SABB Plans to Expand Business with Help from UK Banking Giant

[HAL1000]

https://u.today/ripple-client-sabb-plans-to-expand-business-with-help-from-uk-banking-giant

Ripple customer SABB (Saudi British Bank) has inked a memo of understanding with U.K. banking giant HSBC in order to create real-time payments and new Forex services to expand its business in Saudi Arabia, according to the press release.

The bank's chief executive, Tony Cripps, stated that the collaboration with HSBC provides them with a unique chance to start using state-of-the-art payment tech for his bank in Saudi Arabia.

SABB has been a client of Ripple since late May 2019, when the San Francisco-based fintech giant set up an ODL corridor from Saudi Arabia to India.

Back then, SABB had merged with Saudi Hollandi Bank and has a low share at the local remittance market since the majority of its customers used some third-party companies for those. This pushed the bank to start leveraging Ripple's technology for remittances.

Now, there is a surge in foreign currency transactions in the Kingdom of Saudi Arabia—remittances from expatriates from other countries sent to the kingdom reached the highest peak since 2015.

Along with this peak, the value of cash transfers made to Saudi Arabia rose by nearly 35% in 2021.

As for HSBC, the collaboration with SABB is important as this enables HSBC to gain more customers in the Middle East and manage their wealth for them, as well as ensure seamless remittances for them, according to Nuno Matos, the bank's chief of Wealth and Personal Banking.

Edited May 27, 2022 by HAL1000

[Scout]

I wonder when these type of partnerships will have any impact on price? For some reason I don't see a correlation. But it's sure nice to see utility is there.

[QuestionMark]

4 hours ago, Scout said:

I wonder when these type of partnerships will have any impact on price? For some reason I don't see a correlation. But it's sure nice to see utility is there.

Not quite. If someone who Ripple partnered with (and we have no idea on what terms) partners with someone else that does not necessarily mean that anything that Ripple does with the former they will now do with the latter too. It's conjecture at best. People have been reading too much into things like this since time immemorial.

 

 

 

[peanut56]

I think that even though Ripple is setting up ODL corridors it is either too soon to show price action as a result of utilization, or xrp being utilized will not have an effect on price. The only real reference we have to price action in connection to xrp utilization was during the MGI/Ripple partnership that was canceled due to SEC actions.

Regarding observations of xrp to utilization by FX transaction with MGI was limited. Utility scan at the time was a resource available for the public watch. It was great to see it going into action. There did seem to be a stabilization affect during that time, but it would be difficult to, or at least I'm incapable of doing so, to prove mathematically the effects of xrp utilization to price action. Could it be done sure. My suggestion to that end would be to find a physist that can correlate supply, volume, and speed, and god knows what other variables into a good enough equation to predict the outcomes based on available information. That said I think someone who is smart enough to do so is more interested in keeping up to date on the information coming from the James Web satellite than xrp.

In regards to current Ripple partners. We know they have partners. We do not know the volume of transactions existing within those partners. Are banks and FX's transferring  $1,000 USD/equivalent a day or is it $100,000,000 per day.

My suggestion: Take it for what it is another partner with the potential to utilize xrp and if it truly scales it will be fine. If xrp fails for its intended purpose that we loose our investment and what we thought would work or gambled on was a failure. So in the end if don't invest more than you can loose.