Bank ABC joins R3 project
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.