Bank ABC, headquartered in Bahrain and previously known as the Arab Banking Corporation is not the first bank in MENA to join the 80 plus member R3 consortium. The ABC Bank will become one of the members to research and develop Blockchain based solutions in financial services.
Sael Al Waary Deputy Group CEO of Bank ABC stated, “We are privileged to be part of this prestigious consortium of international banks and financial institutions, which is spearheading a pivotal change in the industry,” DLT and Blockchain technology has added a new dimension to the evolving Fintech landscape and we are confident that this alliance will propel us further to achieve our strategic goals.”
David Rutter, CEO of R3, commented: “We’ve already made substantial progress in our development of distributed ledger technology, with the launch of Corda and numerous successful proof-of-concepts, our open source distributed ledger platform. The addition of Bank ABC marks a significant milestone for R3, becoming our first partner in the Middle East as we continue to expand our global network. We look forward to working with them and extending the benefits of distributed ledger technology even further.”