Jeel, the innovation and technology arm of Riyad Bank, has partnered with Ripple, a financial technology company that offers crypto solutions for businesses, to explore advanced applications of blockchain in developing secure, efficient, and transparent financial services across the Kingdom. The partnership aims to assess how blockchain can significantly improve the speed, cost efficiency, and transparency of cross-border payments, while also exploring potential use cases for digital asset custody and tokenization. This direction strongly supports Saudi Arabia’s Vision 2030 agenda, which prioritizes digital transformation and the growth of a competitive fintech ecosystem.
Under this collaboration, Jeel and Ripple will work together to examine how blockchain-enabled payments corridors can enhance international remittance experiences. They will also evaluate future-ready frameworks for digital asset custody, ensuring they meet both regulatory and operational standards. In addition, the companies will jointly develop proofs-of-concept within Jeel’s regulatory sandbox to test Ripple’s technologies in a controlled, compliant environment.
These efforts are expected to contribute to the Kingdom’s fintech sector by demonstrating scalable and interoperable digital financial infrastructure. “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.”
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