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Bank ABC joins R3 blockchain consortium

First Published 14th August 2017

Bahrain based Bank ABC becomes the first MENA financial institution to join financial infrastructure consortium R3

David Rutter, R3

David Rutter, R3

Bahrain-based Bank ABC has recently joined blockchain-inspired consortium headed by R3, a financial innovation firm, headquartered in New York City.

David Rutter, CEO of R3, commented: "We've already made substantial progress in our development of distributed ledger technology, with the launch of Corda and numerous successful proof-of-concepts, our open source distributed ledger platform. The addition of Bank ABC marks a significant milestone for R3, becoming our first partner in the Middle East as we continue to expand our global network. We look forward to working with them and extending the benefits of distributed ledger technology even further."

Bank ABC is a leading player in the region's banking industry and provides innovative wholesale financial products and services that include corporate banking, financial and capital markets, trade finance, project and structured finance, syndications, treasury products and Islamic banking. It also provides retail banking services through its network of retail banks in Jordan, Egypt, Tunisia and Algeria.