Saudi Arabia is taking another big step toward modernizing its financial services landscape through blockchain technology. Jeel, the innovation and technology arm of Riyad Bank, has entered a strategic partnership with Ripple, a leading global fintech company known for its enterprise blockchain solutions. This collaboration aims to explore and deploy cutting-edge blockchain applications that could reshape how financial services operate across the Kingdom.
The memorandum of understanding (MoU) between Jeel and Ripple focuses on several transformative use cases, particularly in cross-border payments, digital asset tokenization, and secure custody solutions. By tapping into Ripple’s blockchain expertise and Jeel’s innovation ecosystem, the partnership will examine how distributed ledger technology can make financial services faster, more transparent, and more cost-efficient.
A central element of the collaboration is the use of Jeel’s regulatory sandbox—a controlled, compliant environment where new financial technologies can be tested safely. Within this sandbox, Jeel and Ripple will develop proofs-of-concept to assess real-world blockchain applications before potentially scaling them across Saudi Arabia’s regulated financial sector. This approach reflects a cautious yet forward-looking strategy for innovation that aligns with national policy and compliance standards.
One of the primary areas of focus will be cross-border payments, a segment ripe for improvement in the Gulf region due to high remittance volumes and complex trade corridors. Blockchain technology offers the promise of faster settlements, lower fees, and greater transparency compared with traditional correspondent banking systems. If successful, these innovations could significantly enhance the efficiency of international transfers for institutions and customers alike.
Beyond payments, the partnership will explore tokenization—the process of representing real-world assets as digital tokens on a blockchain. Tokenization can unlock new liquidity and investment opportunities while enabling novel financial products. The collaboration will also examine digital asset custody frameworks, seeking secure and compliant ways to hold and manage digital representations of value.
The timing of this partnership dovetails with Saudi Arabia’s Vision 2030 strategy, which emphasizes digital transformation and economic diversification. Vision 2030 encourages the adoption of innovative technologies to build future-ready sectors, including finance and fintech. By working together, Jeel and Ripple are positioning Saudi Arabia to be at the forefront of regulated blockchain adoption in the Middle East.
For Jeel, the collaboration strengthens its role as a leading innovation hub within Riyad Bank, extending its capabilities beyond internal fintech acceleration to include blockchain experimentation with global partners. For Ripple, it represents a strategic foothold in one of the region’s fastest-growing fintech markets—an opportunity to demonstrate its enterprise blockchain infrastructure under real regulatory oversight.
As the partnership unfolds, both firms are expected to share insights and results from sandbox tests that could influence broader financial sector transformation in Saudi Arabia. If successful, this initiative may help pave the way for blockchain-enabled financial services, from remittance platforms to tokenized assets, benefiting banks, businesses, and consumers alike.
