Ripple has entered a strategic partnership with Jeel Movement, the innovation arm of Riyad Bank, one of Saudi Arabia's largest financial institutions. The agreement, announced by Ripple's Middle East and Africa Managing Director Reece Merrick and Jeel CEO George Harrak, aims to explore and develop blockchain-based financial infrastructure in alignment with Saudi Arabia's Vision 2030 strategy.
The collaboration will focus on several key areas: enhancing cross-border payments to improve speed, transparency, and cost-efficiency; exploring digital asset custody solutions; and developing frameworks for the tokenization of real-world assets. The partnership will utilize Jeel's regulatory sandbox to test blockchain solutions in a controlled and compliant environment, moving from experimentation toward production-level systems.
"This partnership with Ripple reflects our strategy of using the Jeel Sandbox to responsibly explore next-generation financial infrastructure," said George Harrak. Reece Merrick added that Ripple is excited to help shape Saudi Arabia's future financial system, noting the Kingdom's leadership in digital transformation.
The initiative supports Saudi Arabia's broader economic goals to modernize its economy, reduce reliance on oil, and expand its digital and fintech sectors. Ripple gains strategic access to Saudi Arabia's growing fintech ecosystem through this collaboration, potentially using the XRP Ledger as a base layer for payment flows and asset transfers. This marks a significant step in institutional blockchain adoption within the region.
