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Saudi British Bank believes blockchain can revolutionize global trade

SABB arranged a workshop for the country's largest traders,bank attempted to visualize what it would look like to trade inter
SABB arranged a workshop for the country’s largest traders,bank attempted to visualize what it would look like to trade internationally using blockchain

The leading international bank in Saudi Arabia, SABB arranged a workshop for the country’s largest importers and exporters. The bank attempted to visualize what it would look like to trade internationally using blockchain technology. Bank believes that blockchain has the potential to transform business in Saudi Arabia.

Saudi Arabia is among the top nations who depend on international trade a lot. Using blockchain technology would help businesses to reduce paperwork and trade more securely and efficiently. Many countries have already tested this technology for trading globally. Bank enforced on the higher visibility that this technology would provide if implemented. Trade banks will face less risk and lower costs, which would result in more trades and more business for the country.

SABB has collaborated with Bolero International to introduce blockchain-based trade

The U.K based Bolero International, a global trade solution company, has partnered with Saudi Arabia British Bank (SABB) to introduce blockchain in the country for international business. The deputy managing director of corporate and institutional banking at SABB, Majed Najm, said: “SABB is the leading trade bank in the kingdom, with the largest market share.” He added that they are excited to benefit from blockchain by using it for global trade purpose. The workshop was attended by many senior decision-makers of the country’s leading firms. revolutionize

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