KSA based Oumla signs agreement with Saudi Bank SAB

KSA based Oumla signs agreement with Saudi Bank SAB

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.”

Saudi based Oumla Blockchain has partnered with Chainlink

Saudi based Oumla Blockchain has partnered with Chainlink

Oumla, a Layer 1 blockchain platform that allows applications to be built on any blockchain with ease, as well as offers a secure vault infrastructure for storing digital assets has announced its partnership with Chainlink.

Chainlink Labs is one of the primary contributing developers of Chainlink, the standard for onchain finance, verifiable data, and cross-chain interoperability. Chainlink is unifying liquidity across global markets and has enabled over $17 trillion in transaction value across the blockchain economy. 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.”

The post adds, ” Bringing Chainlink SmartData to OumlaChain empowers enterprises, financial institutions, and government entities to move onchain, supporting the Kingdom’s blockchain innovation and digital transformation.”

Oumla in KSA, offers an intuitive infrastructure that caters to both businesses and government entities. The platform offers a suite of APIs and SDKs, enabling developers to build applications on top of any blockchain, including Ethereum Virtual Machine (EVM)-based networks, without the need to master complex, low-level blockchain-specific protocols.

Oumla already partnered with Avalanche Blockchain

Prior to this announcement, Oumla partnered with Avalanche Blockchain to create Saudi Arabia’s first Layer on Blockchain fully hosted in the country.

At the time Oumla stated, “This collaboration will support startups and SMEs, driving technological innovation across Saudi Arabia and the MENA region. It will bring a secure, locally-hosted blockchain platform closer to home, we’re paving the way for growth and innovation aligned with Saudi Vision 2030. This partnership is part of our larger mission to develop the products the region needs to thrive in Web3 and blockchain technology, preparing the MENA market for a seamless transition into the digital future.
We’re excited to bring this vision to life and drive the next wave of technological transformation!”

Adaverce, the venture capital fund and Web3 accelerator with a base in KSA, invested in Oumla. In 2024 Adaverse published its first Web3 ecosystem report for the Kingdom of Saudi Arabia showcasing growth, opportunities, as well as challenges. Since its inception, Adaverse has funded 54+ startups across Asia, the Middle East and Africa.

In addition Outlier Ventures has also chosen Oumla for its Spark accelerator program.

Chainlink has a presence in the UAE

In December 2024, Chainlink Labs, expanded its presence in the Middle East and North Africa (MENA) region, and set up an office and an entity in Abu Dhabi under the Registration Authority of ADGM.

At the same time, UAE Emirates NBD, a leading banking group in the Middle East, North Africa, and Türkiye (MENAT) region, added a fifth council member of its Digital Asset Lab – Chainlink.