Bank ABC joins R3 pro­ject

Banking Frontiers - - News / Banking In The Gulf -

Bank ABC of Bahrain is join­ing the R3 dis­trib­uted ledger con­sor­tium. The bank be­comes the first in­sti­tu­tion in the MENA re­gion to join the ef­fort. Ma­jor­ity-con­trolled by Libya’s cen­tral bank, Bank ABC op­er­ates in Al­ge­ria, Egypt, Tu­nisia and Jor­dan, among other ar­eas. The bank said in a state­ment it plans to lever­age the part­ner­ship to pro­vide ad­di­tional ser­vices to its cus­tomers. Blockchain, the in­sti­tu­tion said, will pro­pel it fur­ther to achieve its strate­gic goals. Sael Al Waary, deputy group CEO for the bank, said the bank is com­mit­ted to con­tinue to pro­vide its cus­tomers with ex­cep­tional cus­tomer ser­vice and in­no­va­tive fi­nan­cial prod­ucts. DLT will help it ful­fill the prom­ise to clients, he added. Though it is the first MENA-based bank to join R3, there are other banks which have taken up blockchain re­lated projects. For ex­am­ple, Emi­rates NBD, one of the Mid­dle East’s largest bank­ing groups, has al­ready been working with the Cen­tral Bank of the United Arab Emi­rates on a blockchain trial fo­cused on bank check fraud.

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