Jeel, the innovation and technology division of Riyad Bank, has entered into a strategic partnership with Ripple, a global company specialized in enterprise blockchain and crypto solutions. This collaboration is designed to investigate sophisticated blockchain applications aimed at fostering secure, efficient, and transparent financial services within Saudi Arabia.
The primary objective of this alliance is to analyze how blockchain technology can drastically optimize the speed, cost-effectiveness, and transparency of international transactions. Additionally, the partners will explore emerging use cases for digital asset custody and tokenization. This initiative aligns seamlessly with the Saudi Vision 2030 mandate, which emphasizes nationwide digital transformation and the cultivation of a globally competitive fintech ecosystem.
Under the terms of the partnership, Jeel and Ripple will focus on several critical areas of financial modernization. They will examine blockchain-powered payment corridors to enhance the international remittance experience, while also developing future-ready custody solutions that meet stringent regulatory and operational benchmarks. Additionally, they plan to collaboratively create proofs-of-concept within Jeel’s controlled environment to rigorously test Ripple’s technologies for compliance and scalability. These efforts are anticipated to strengthen the Kingdom’s fintech infrastructure by demonstrating the viability of interoperable and scalable digital financial systems.
Pioneering blockchain financial infrastructure
George Harrak, CEO of Jeel, commented: “This partnership with Ripple reflects our strategy of using the Jeel Sandbox to responsibly explore next-generation financial infrastructure. 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. We are committed to demonstrating how Ripple’s enterprise-grade digital assets technology can unlock significant efficiencies in areas like cross-border payments, aligning directly with Saudi Arabia’s goal of building a world-leading, competitive fintech ecosystem.”
Mutual strategic value
This partnership provides significant advantages for both entities. For Jeel, the collaboration solidifies its reputation as a leader in regulated blockchain experimentation, expanding its reach beyond traditional fintech acceleration. It also allows Riyad Bank to integrate next-generation digital concepts into its long-term technology blueprint.
Conversely, Ripple gains pivotal access to the Kingdom’s rapidly expanding fintech sector through Jeel’s institutional network and sandbox. This allows Ripple to demonstrate its enterprise-grade infrastructure within one of the region’s most highly regulated and innovation-centric markets.
Scaling fintech strategic goals
The initiative comes at a time of rapid growth for Riyad Bank, which reported total assets exceeding SAR359 billion ($95.7 billion) in mid-2025. This scale provides a substantial foundation for the partnership’s focus on “high-volume remittances,” a critical sector for Saudi Arabia given its status as a top global destination for expatriate workers.
The regulatory landscape in Saudi Arabia is evolving in tandem with these private-sector milestones. In January 2026, the Saudi Capital Market Authority (CMA) approved new controls on real estate ownership by investment funds and listed companies. This legal update is expected to provide a clear framework for the “tokenization of real-world assets” (RWA) mentioned in the Jeel-Ripple agreement, particularly for the fractional ownership of large-scale infrastructure and property projects.
Simultaneously, the broader Gulf region is accelerating its push for digital asset maturity. In November 2025, Ripple USD (RLUSD) stablecoin received approval from Abu Dhabi’s Financial Services Regulatory Authority (FSRA).
The FSRA has acknowledged RLUSD as an Accepted Fiat-Referenced Token, allowing the stablecoin to be utilized within ADGM, Abu Dhabi’s international financial center, as stated in a release.
These combined efforts are projected to help Saudi Arabia meet its “FinTech Strategy” goals of housing 525 fintech companies and generating SAR13.3 billion in GDP contribution by 2030.
