Ripple Partners With Riyad Bank’s Jeel to Advance Saudi Arabia’s Vision 2030 Blockchain Strategy

• Ripple has announced a new partnership with Jeel, the tech arm of Riyad Bank, one of Saudi Arabia’s largest banks.
• The two will explore how blockchain can be integrated into the country’s national financial systems, including in cross-border payments.

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Ripple has signed a Memorandum of Understanding (MoU) with Riyad Bank to explore the integration of blockchain technology into the financial infrastructure of Saudi Arabia.

The California company signed the MoU with Jeel, the bank’s innovation and tech subsidiary. According to Reece Merrick, the managing director for Ripple in the Middle East and North Africa, the partnership seeks to advance Saudi Arabia’s financial future through blockchain innovation.

https://twitter.com/reece_merrick/status/2015717273752019127?ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener

In an accompanying press release, the two said they aim to explore how blockchain can be used in cross-border payments to cut costs, improve speed and boost transparency.

Ripple is an industry leader in blockchain-based cross-border payments solutions. As we previously reported, CEO Brad Garlinghouse believes that the company can take up to 14% of SWIFT’s cross-border volume by 2030.  SWIFT processes over $150 trillion annually across the world for banks and fintechs, but it continues to be slow and expensive. Ripple says it offers a convenient and compliant alternative to this outdated system.

Jeel CEO George Harrak stated:

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.

Ripple Expands Middle Eastern Footprint

Beyond cross-border payments, Ripple and Jeel will also examine how tokenization and digital asset custody can boost Saudi Arabia’s growing digital finance sector. The country’s fintech was valued at $2.1 billion last year and is projected to hit $4.8 billion by 2034. Electronic payments now account for 80% of all retail payments.

Jeel currently operates a sandbox where local fintechs deploy their solutions under the guidance of local regulators. Ripple will gain access to this sandbox, giving it an ideal entry point into the Saudi market.

In his comments, Merrick lauded Saudi’s “visionary leadership” for the continued digital transformation, adding:

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.

The new MoU aligns with Ripple’s focus on mainstream adoption this year. As we reported, President Monica Long believes that 2026 will be the year when crypto enters the “production era” and competes and partners with mainstream rivals to power digital finance.

XRP trades at $1.93, gaining 2.2% in the past day to emerge as the best performer among the top 20 cryptos.

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