The Manama-headquartered international bank Bank ABC has become the first MENA financial institution to join the blockchain consortium led by R3.
Many of the world leading financial institutions participated in the initiative to enhance the development of the blockchain-inspired distributed ledger technologies (DLT) and work on the next generation of financial services infrastructure. DLT enables companies to keep their shared databases secure and reduce costs and execution time.
Sael Al Waary, Deputy Group CEO of Bank ABC commented:
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.
Stuart Rennie, the Bank ABC’s Group Head of Information Technology added that the international cooperation within the R3 consortium would strengthen the leading position of the bank in the fintech industry in the region.
For R3’s founder and CEO David Rutter, the inclusion of Bank ABC was a strategic step towards the expansion in the Middle East.
Founded in 1980, Bank ABC is a licensed conventional wholesale bank. Its main shareholders include the Central Bank of Libya and the Kuwait Investment Authority. The bank is among the leading players in the region’s banking sector, offering innovative financial products. Currently, it is expanding its retail network across the MENA region.