Ripple has partnered with Jeel, the innovation arm of Riyad Bank, to advance blockchain-based financial services in Saudi Arabia. The collaboration aims to explore and implement blockchain solutions for cross-border payments, digital asset custody, and tokenization, aligning with Saudi Arabia's Vision 2030 goals for digital transformation and fintech growth.
Under the memorandum of understanding, Ripple and Jeel will develop and test distributed ledger use cases, examining how blockchain systems can be integrated into the Kingdom's financial infrastructure. This includes proof-of-concept projects within Jeel's regulatory sandbox to ensure compliance with blockchain innovation standards. The partnership will focus on creating blockchain-enabled payment corridors to enhance international remittance experiences, as well as evaluating frameworks for digital asset custody that meet regulatory and operational standards.
Reece Merrick, Managing Director of Ripple Middle East and Africa, shared the agreement, emphasizing the company's commitment to shaping the future of Saudi Arabia's financial system. Ripple aims to demonstrate how secure and efficient blockchain solutions can be integrated into the national financial architecture. George Harrak, CEO of Jeel, noted that the partnership with Ripple reflects their strategy of using the Jeel Sandbox to responsibly explore next-generation financial infrastructure.
Saudi Arabia's Vision 2030 initiative prioritizes digital transformation and the development of a competitive fintech ecosystem. By 2025, the Kingdom had already achieved a 79% digital payment penetration rate in retail transactions, surpassing its initial target. The partnership between Ripple and Jeel seeks to further strengthen Saudi Arabia's position as a leading fintech hub by demonstrating scalable and interoperable digital financial infrastructure.
Ripple's expansion into Saudi Arabia aligns with its broader strategy of securing regional partnerships and regulatory approvals for its RLUSD stablecoin and payment solutions. Previously, Ripple signed an agreement with the Saudi Arabian Monetary Authority (SAMA) to support the nation's banks in a blockchain-fueled payments pilot. Saudi British Bank (SABB) also launched an instant cross-border transfer service for USD payments using Ripple technology. These initiatives contribute to the Kingdom's ongoing efforts to modernize its financial sector and reduce reliance on oil by fostering digital innovation.
