Saudi IDB set to develop blockchain-based financial products

22/10/2017 Argaam

 

The Jeddah-based Islamic Research and Training Institute (IRTI), the research unit of the Islamic Development Bank (IDB), has signed an agreement with Ateon to develop shariah-compliant financial products based on blockchain technology to support financial inclusion across member countries.

 

Ateon, a member of Alhamrani Group Holding in Saudi Arabia, is a specialized consultancy in financial technology (FinTech), will be working on this project with SettleMint, a Belgium-based software company, Ateon said in a statement.

 

Blockchain involves a shared electronic ledger that allows all parties to track information through a secure network, removing the need for third-party verification.

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