Saudi Arabian based SAB Bank ( Saudi Awwal Bank) continues to build its partnership with Chainlink, in a signing of an Innovation cooperation agreement with Chainlink. Chainlink is a decentralized oracle network that connects blockchains with off-chain data.
As per the X post, the partnership will aim to experiment with secure blockchain interoperability. Saudi Awwal Bank on X noted, ” This collaboration marks a pivotal step in our commitment to drive Financial Innovation in Saudi Arabia.”
Saudi Awwal Bank one of Saudi Arabia’s largest banks with over $100 billion in total assets, is leveraging several Chainlink services to facilitate the deployment of next-generation onchain applications in Saudi Arabia. Under the innovation agreement, SAB is accelerating the adoption of onchain finance across the region by enabling developers to build with Chainlink’s Cross-Chain Interoperability Protocol (CCIP) and the Chainlink Runtime Environment (CRE).
In August 2025, SAB Bank Saudi Awwal Bank announced the world’s first Islamic Repo on blockchain in partnership with KSA based Oumla, a secure, scalable blockchain infrastructure provider for businesses, enterprises, and governments. Oumla is a partner of Chainlink and Avalanche.
The Blockchain enabled Islamic Repo allowed SAB Bank to lend to other banks in compliance with Islamic finance principles using blockchain to make the process faster, safer and more transparent. The implementation comes months after SAB’s virtual assets Summit. According to Oumla website, ” It replaces paperwork and manual steps with smart digital contracts, ensures all transactions are securely and immutably recorded, and helps banks manage their assets and liquidity more easily and with reduced risk.”
