Bahrain's Bank ABC Joins R3 Distributed Ledger Consortium

Bahrain-based Arab Banking Corporation, also known as Bank ABC, has revealed it is joining the R3 distributed ledger consortium.

AccessTimeIconAug 15, 2017 at 9:00 a.m. UTC
Updated Sep 13, 2021 at 6:49 a.m. UTC

Bahrain-based Arab Banking Corporation, also known as Bank ABC, has revealed it is joining the R3 distributed ledger consortium.

With the news, the bank becomes the first of its kind in the Middle East and Northern Africa (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.

In statements, Bank ABC indicated that it plans to leverage the partnership to provide additional services to its customers. Blockchain, the institution said, "will propel us further to achieve our strategic goals."

Sael Al Waary, deputy group CEO for the bank, said:

"We are committed to continue to provide our customers with exceptional customer service and innovative financial products. DLT will help us fulfill our promise to clients."

Though it's the first MENA-based bank to join R3 – which unveiled more than $100 million in new funding in May and launched the beta of its Corda software platform a month later – Bank ABC isn't the only bank in the region to pursue potential blockchain applications.

As previously reported, 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.

Image via Bank ABC website

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
CoinDesk Industry Group Select Equal Weight Index (DIGS)
CoinDesk - Unknown
2
CoinDesk - Unknown
Digital Pseudonyms: One More Way to Make Working From Home Secure

A system of pseudonymous digital credentials would benefit organizations and ensure individuals control their personal data.

CoinDesk - Unknown
3
CoinDesk - Unknown
EU Finalizes Crypto Money Laundering Rules

A Wednesday meeting secured a final deal on anti-money laundering legislation for crypto transfers which the industry warns could prove harmful for innovation and privacy.

CoinDesk - Unknown
4
CoinDesk - Unknown
What Are Web3 Cryptos?

They are digital assets that contribute to the development of a decentralized internet.

CoinDesk - Unknown