The Saudi British Bank (SABB) has launched a new digital trade solutions package aimed at enhancing Letter of Credit and guaranteeing procedures for enterprise international business operations by cooperating with blockchain-based digital platform, Contour and local Fintech, BwaTech.
This makes SABB the first bank in the Kingdom to provide the ability to exchange commercial documents digitally, facilitate the procedures for letters of credit using a decentralized technology, and reduce dependency on paper documents and the time required for document settlement in commercial transactions. The Contour platform also improves transaction security. As the data that is shared on the network enjoys a high degree of protection and privacy, which reduces the risk of fraud.
The BwaTech platform boosts the automation of bank guarantees. This service aims to replace paper-based procedures with advanced technical methods by linking banks issuing these guarantees with their beneficiaries to expedite the implementation of the issuance and subsequent procedures.
“We are extremely proud of the key role that SABB plays in the expansion and development of global trade, while contributing to our Kingdom’s economic and commercial development under Vision 2030”, said Mr. Yasser Al-Barrak, SABB’s CEO of Corporate and Institutional Banking.
“We are committed to make further progress in executing the bank’s digital transformation plans, in this instance to remove obstacles in Trade Finance, improve national trade flows and accelerate the pace of trade for companies operating in the Kingdom. To achieve this, SABB is happy to leverage the latest technologies such as blockchain and is flexible enough to work with leading Fintechs. This will contribute to Vision 2030 goals to make the Kingdom a regional trade hub,” he continued.
SABB was the first bank in the Kingdom to complete an international trade transaction via Blockchain technology and is committed to accelerating the digitization of trade by continuously providing innovative products and services, strengthening its strategic partnerships with government institutions and supporting projects to achieve sustainable development and promote economic growth to meet Vision 2030 objectives.
