Bank ABC , an international banking group situated in Bahrain, has reportedly joined the blockchain consortium led by New York-based start-up R3. B
Bank ABC , an international banking group situated in Bahrain, has reportedly joined the blockchain consortium led by New York-based start-up R3.
Bank ABC has become the first institution in the MENA (Middle East and North Africa) region to participate in the R3 blockchain consortium, as cryptocoinnews.com wrote in a recent report.
The bank, formerly known as the Arab Banking Corporation, joins over 80 global financial institutions that are focused on researching and developing blockchain-based solutions in financial services.
“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.”, stated Sal Al Waary, deputy group CEO of Bank ABC in an announcement quoted by cryptocoinnews.com.
“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.”, as he added.
Bahrain Turns To Blockchain
Bank ABC is the first bank in the MENA region to join the R3 consortium. Since the bank operates in a number of countries including Jordan, Egypt, Tunisia, Algeria and Bahrain, this means that the whole region may see the benefits of blockchain research and innovation.
In the meantime, Bahrain plans to incorporate blockchain technology on a “country level”.
“The ability for blockchain to be adopted at [a] country level is a huge opportunity for Bahrain to move into the spotlight as a pioneer in this space.”, as Khalid Al Rumaihi, Bahrain EDB CEO, said a the talks with representatives from the central bank of Singapore as quoted by cryptocoinnews.com.
It is to be seen whether the country will mange to implement the technology on a governmental level.