Jeel, the innovation and technology arm of Riyad Bank, has signed a MoU with Ripple to explore blockchain applications in financial services across Saudi Arabia.
The collaboration will focus on assessing how blockchain can improve the speed, cost efficiency, and transparency of cross-border payments.
It will also examine potential use cases for digital asset custody and tokenisation, supporting Saudi Arabia’s Vision 2030 agenda for digital transformation and fintech development.
Under the partnership, Jeel and Ripple will jointly develop proofs-of-concept within Jeel’s regulatory sandbox to test blockchain-enabled payment corridors and digital asset frameworks in a controlled environment.
The aim is to ensure compliance with both regulatory and operational standards while demonstrating scalable and interoperable financial infrastructure.
“This partnership with Ripple reflects our strategy of using the Jeel Sandbox to responsibly explore next-generation financial infrastructure,”
said George Harrak, CEO of Jeel.
“By combining regulated experimentation with global blockchain expertise, we are building the foundations to evaluate scalable use cases that enhance cross-border payments and digital asset capabilities in line with the Kingdom’s long-term digital ambitions.”
Reece Merrick, Managing Director, Middle East and Africa at Ripple, added:
“Saudi Arabia’s visionary leadership has established the Kingdom as a forward-thinking global hub for digital transformation. It is against this progressive backdrop that Ripple has signed an MoU with Jeel to explore integrating secure, efficient blockchain solutions into the national financial architecture.”
The partnership gives Ripple access to Saudi Arabia’s fintech sector through Jeel’s sandbox and institutional network, while allowing Jeel to strengthen its position in regulated blockchain experimentation and expand its innovation capabilities.
Featured image credit: Jeel
