Saudi Awwal Bank partners with Chainlink to implement on-chain solutions

Saudi Awwal Bank (SAB), the largest commercial bank in Saudi Arabia with assets exceeding $100 billion, has signed a strategic partnership agreement with blockchain oracle provider Chainlink.

The parties will jointly develop and implement solutions in the field of on-chain finance. In particular, SAB will integrate the Chainlink CCIP cross-chain protocol and the Chainlink Runtime Environment (CRE).

The bank emphasized that the agreement will be an important step in the development of the country’s fintech sector. “We are pleased to announce the signing of an innovative collaboration agreement with Chainlink aimed at experimenting with secure blockchain interactions,” said SAB’s official statement.

The partnership provides the bank with access to infrastructure that will allow testing and launching solutions for cross-chain interaction, as well as expanding the possibilities of implementing smart contracts in banking products.

Previously, Chainlink has already entered into significant agreements: in particular, the company partnered with Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), to integrate data on exchange rates and precious metal prices into the blockchain.

Amid positive news, the Chainlink token (LINK) is trading around $23.50, according to Binance data.