Saudi Awwal Bank (SAB) Joins Forces with Chainlink to Revolutionize Blockchain Innovation
SAB just dropped a blockchain bombshell—partnering with Chainlink to redefine banking's future.
Why This Matters
Traditional finance meets DeFi's backbone. Saudi Awwal Bank isn't just dipping toes—it's diving headfirst into oracle technology that could reshape asset tokenization and cross-border settlements.
The Tech Play
Chainlink's proven oracle infrastructure will power SAB's blockchain experiments. Think real-world asset data on-chain, automated settlements, and maybe even a nod to Riyadh's crypto ambitions.
Banking's Awakening
While Wall Street still debates ETF fees, SAB bypasses talk and builds. Another legacy institution realizing that if you can't beat 'em, node with 'em.
Bottom Line: When banks start chasing blockchain innovation instead of lobbying against it, you know the revolution's gone mainstream—or they found a new revenue stream to milk.
Chainlink aligns with Saudi Arabia’s vision 2030
The collaboration is in line with Saudi Arabia’s wider Vision 2030 initiative, which focuses on innovation in financial services. Earlier this year, in a message on his vision for 2030, Saudi Arabia’s Crown Prince Mohammed bin Salman said the kingdom WOULD “turn the Public Investment Fund into the world’s largest sovereign wealth fund. Our nation holds strong investment capabilities, which we will harness to stimulate our economy and diversify our revenues,” he said.
Early stages of the collaboration will include pilot projects that will test the viability of blockchain in live banking environments. These trials will include cybersecurity safeguards, regulatory alignment, and customer education. Chainlink’s built-in security standards and compliance ethos help advance SAB’s objective of bringing solutions that comply with domestic and international best practices.
In April, Saudi Arabia also announced that it has invested in almost 40 U.S. venture capital firms, with several targeting cryptocurrency, blockchain, and Web3 initiatives. Sanabil, the investment arm of the Public Investment Fund, is central to this push. The firm invests approximately $2 billion per year in several funding rounds to support companies developing innovative business models.
Expanding Saudi banking through blockchain partnerships
The partnership with Chainlink furthers SAB’s history of blockchain adoption. Earlier this year, SAB led the world’s first Islamic Repo using blockchain in collaboration with Oumla, a Saudi-based blockchain infrastructure provider. The transaction enabled the bank to lend funds to its peers according to Islamic finance regulations, while using blockchain to increase speed, transparency, and safety. SAB has also held a VIRTUAL assets summit to demonstrate its digital ambitions and opportunities in tokenized finance.
Saudi Arabia’s blockchain hype goes beyond SAB. Oumla, in partnership with Avalanche, recently announced plans to construct the nation’s first LAYER 1 blockchain that will be fully hosted within the Kingdom. The project aims to support startups and small businesses, support technological development, and grow the regional Web3 ecosystem. Following the announcement, Chainlink is up 3.36% in the last 24 hours, trading at $23.40.
Get seen where it counts. Advertise in Cryptopolitan Research and reach crypto’s sharpest investors and builders.
