Moody's: SAMA Deal with Ripple Provides $400 Million to Banks

The agreement between Saudi Arabian Monetary Authority  and US-based financial technology company Ripple in managing a cross-border transaction of local banks will translate to savings of roughly $200-$400 million per year system-wide, according to credit rating agency Moody's. On Wednesday, Asharq Al-Awsat reported Arab Exchange Market Sec-Gen Fadi Khalaf as…