KSA based Oumla, a Layer 1 Blockchain platform for easy blockchain integration and digital asset storage, has signed an innovation agreement with Saudi Awwal Bank (SAB Bank), a Riyadh-based Saudi joint stock company in which global banking group HSBC owns a minority stake.
The collaboration agreement will seek to explore Blockchain technology and its application to advance financial innovation. As per the announcement on LinkedIn, the partnership reflects both parties’ commitment to driving digital transformation in the banking sector and strengthening Saudi Arabia’s position as a leading hub for modern financial services.
This comes days after the Layer 1 blockchain company signed announced its partnership with Chainlink Blockchain, best known for solutions in onchain finance and cross-chain interoperability.
Major financial market infrastructures and institutions, such as Swift, Fidelity International, and ANZ Bank, as well as top DeFi protocols including Aave, GMX, and Lido, use Chainlink to power next-generation applications for banking, asset management, and other major sectors.
In an X post Oumla stated, “We are pleased to announce that Oumla is partnering with chainlink and adopting the Chainlink standard on OumlaChain, a compliance-focused, permissioned blockchain in Saudi Arabia.”
