Saudi Arabia is taking a significant step toward advancing its digital financial infrastructure as Jeel, the innovation and technology arm of Riyad Bank, enters into a strategic partnership with global blockchain company Ripple. The collaboration aims to test and develop blockchain-powered financial solutions within Saudi Arabia’s regulated environment, supporting the Kingdom’s broader digital transformation goals.
The partnership will operate through Jeel’s regulatory sandbox, a controlled framework that allows emerging financial technologies to be tested safely and in compliance with local regulations. By leveraging this sandbox, Jeel and Ripple will explore practical use cases for blockchain technology, with a strong focus on cross-border payments, digital asset tokenization, and secure custody solutions.
Ripple brings to the collaboration its enterprise-grade blockchain expertise, particularly in enabling faster, more transparent, and cost-efficient international payments. Through the partnership, both parties will develop proof-of-concept projects to evaluate how distributed ledger technology can improve settlement times, reduce transaction costs, and enhance operational efficiency for financial institutions operating in the Kingdom.
Jeel’s role in the partnership reflects Riyad Bank’s commitment to fostering innovation across Saudi Arabia’s financial sector. As a key driver of fintech experimentation, Jeel provides an ecosystem that connects global technology leaders with local market needs, helping bridge the gap between innovation and real-world implementation.
The initiative aligns closely with Saudi Vision 2030, which prioritizes financial sector development, digital innovation, and the adoption of advanced technologies to strengthen economic competitiveness. By testing blockchain solutions within a regulated sandbox, the partnership aims to ensure that innovation progresses responsibly while maintaining financial stability and consumer trust.
As blockchain adoption accelerates globally, the Jeel-Ripple collaboration positions Saudi Arabia as an active participant in shaping the future of digital finance. Successful outcomes from the sandbox trials could pave the way for wider deployment of blockchain-based payment solutions across the Kingdom’s banking and financial services ecosystem.
