When it was authorized as the first established bank in Saudi Arabia, the National Commercial Bank (NCB) was slated to become the largest financial institution in the Middle East. Sixty-five years and 400 branches later, the Kingdom of Saudi Arabia (KSA) has joined forces with Ripple’s cryptocurrency enterprise.
The KSA has a reputation for adorning economic growth and embracing experimental platforms. Enter Vision 2030, Saudi Arabia’s financial reform plan. While its commitment to lateral markets established the country as a leading global entity for remittances, the Saudi Council of Economic Affairs and Development believes privatization is the key to providing better healthcare, education and transportation.