Some of the Kingdom’s largest importers and exporters were shown the future of trade at a workshop arranged by SABB, the leading international bank in Saudi Arabia. Blockchain technology has already been trialed in trade transactions in other countries, and SABB believes the technology could prove transformational to business in Saudi Arabia.
Saudi Arabia is a major trading nation, and Blockchain makes international trade simpler, cheaper and more secure. This means that importers and exporters face less paperwork, greater visibility, and more efficiency; trade banks face less risk and lower costs, meaning they can finance more trade; and governments, customs, ports and airports have greater visibility of the goods flowing in and out of the country.
Bolero International, a leading provider of digital business finance solutions and R3, the world’s leading Blockchain consortium database alliance, have partnered with SABB to begin the process of introducing Blockchain technology to Saudi Arabia, and presented to the workshop alongside SABB.
SABB and its partners presented to senior representatives of large companies in various sectors engaged in import, export and international trade. “SABB is the leading trade bank in the Kingdom, with the largest market share,” said Majed Najm, Deputy Managing Director Corporate and Institutional Banking at SABB. “We are very excited about the enormous benefits that Blockchain can bring to our clients, and are delighted that our workshop was attended by so many senior decision makers of the country’s leading firms.”