Ripple has entered a strategic partnership with Jeel, the innovation arm of Riyad Bank, to explore the use of blockchain technology in payments, custody, and asset tokenization. The collaboration highlights growing institutional interest in distributed ledger technology within Saudi Arabia’s financial system, particularly as the Kingdom accelerates efforts to modernize its economy.
The agreement takes the form of a memorandum of understanding, focusing on cross-border payments, digital asset custody solutions, and tokenized financial products. These initiatives align closely with Vision 2030, Saudi Arabia’s long-term strategy aimed at diversifying the economy and upgrading financial infrastructure beyond traditional oil revenues.
Partnership was announced Monday by Reece Merrick, Ripple’s senior executive officer;
Why Riyad Bank’s Role Matters
Riyad Bank is among the largest financial institutions in Saudi Arabia, reporting more than $130 billion in assets as of mid-2025. Its scale positions the bank as a key player in shaping how blockchain-based services could be integrated into the domestic banking sector.
Middle East Drives Institutional Blockchain Adoption
While Saudi Arabia has historically taken a measured approach to blockchain, the broader Middle East has emerged as a major hub for digital asset innovation. Regulatory clarity and institutional participation across the region are accelerating adoption.
Beyond payments, tokenization activity on public blockchains is also expanding. The XRP Ledger recently surpassed $1 billion in onchain tokenized assets, reflecting increasing use of blockchain infrastructure by financial institutions seeking efficiency, transparency, and global reach.
Disclaimer
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