Ripple is pushing deeper into Saudi Arabia, teaming up with Riyad Bank’s innovation arm to advance blockchain adoption across payments, custody and tokenization as the Kingdom accelerates its Vision 2030 financial modernization drive.
Ripple Ignites Saudi Fintech Ambitions Through Riyad Bank Innovation Alliance
Ripple is partnering with Jeel, the innovation arm of Riyad Bank, to support Saudi Arabia’s financial sector through blockchain initiatives aligned with Vision 2030, according to a post shared on social media platform X on Jan. 26.
Reece Merrick, managing director for the Middle East and Africa at Ripple, stated:
“More big news from the Middle East! Ripple is partnering with Jeel, the innovation arm of Riyad Bank, to advance Saudi Arabia’s financial future through blockchain innovation.”
He framed the collaboration as part of the Kingdom’s broader digital transformation and financial modernization efforts, highlighting Saudi Arabia’s emergence as a forward-looking hub for technology adoption in financial services. The Ripple executive emphasized the company’s intent to work with local partners to develop practical, enterprise-grade blockchain applications that can integrate into existing financial infrastructure.
In a separate statement shared alongside the partnership, the Ripple executive explained: “Saudi Arabia’s visionary leadership has positioned the Kingdom as a forward-thinking global hub for digital transformation. Against this progressive backdrop, Ripple has signed an MoU with Jeel to explore integrating secure and efficient blockchain solutions into the national financial architecture.” He added that Ripple’s technology can “unlock efficiencies in areas such as cross-border payments,” supporting Saudi Arabia’s ambition to build a competitive, world-leading fintech ecosystem.
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Later in the X post, Merrick noted:
“Together with Jeel, we’ll explore use cases for cross-border payments, digital asset custody, and tokenization in support of the Vision 2030 agenda.”
“I am excited to help shape the future of Saudi Arabia’s financial infrastructure!” the Ripple executive concluded.
The partnership reflects growing interest among global firms in collaborating with regional financial institutions to improve payment efficiency, expand access to digital financial tools, and support long-term economic diversification through modern financial technology.
FAQ ⏰
- What is Ripple’s new partnership in Saudi Arabia? Ripple is partnering with Jeel, the innovation arm of Riyad Bank, to advance initiatives aligned with Vision 2030.
- Which blockchain use cases will Ripple explore with Jeel? The partnership will focus on cross-border payments, digital asset custody, and tokenization.
- How does this partnership support Vision 2030? The collaboration aims to modernize Saudi Arabia’s financial infrastructure through scalable applications.
- Why is Saudi Arabia important to Ripple’s strategy? Saudi Arabia is positioning itself as a global hub for financial technology and digital innovation.
Author: Kevin Helms
Source: Bitcoin
Reviewed By: Editorial Team
