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Ripple announced a strategic partnership with Jeel, the innovation arm of Saudi Arabia’s Riyad Bank, to build blockchain-powered infrastructure for cross-border payments and asset tokenization as the Kingdom accelerates its Vision 2030 digital transformation agenda.
The collaboration, disclosed January 27, positions Ripple’s payment technology within one of Saudi Arabia’s largest financial institutions, which manages over $130 billion in assets, and signals a shift from crypto experimentation to regulated implementation in the Gulf region.
The Ripple–Jeel partnership places Saudi Arabia crypto adoption squarely within the Kingdom’s broader Vision 2030 agenda, which emphasizes innovation, financial modernization, and reduced dependence on oil revenues. Saudi Arabia has been positioning itself as a regional technology hub, backed by regulatory reforms and investment in digital infrastructure.
Ripple’s Middle East and Africa Managing Director, Reece Merrick, said the collaboration reflects how blockchain can support national development priorities.
“Ripple, in partnership with Jeel, is set to accelerate Saudi Arabia’s financial modernization through blockchain,” Reece Merrick, Managing Director, Middle East & Africa, Ripple.
Through Jeel, Riyad Bank’s innovation platform, Ripple gains a direct channel into one of the Kingdom’s most influential financial institutions.
Riyad Bank manages more than $130 billion in assets, giving the partnership both scale and institutional credibility. For Saudi Arabia crypto adoption, this signals a shift from experimentation toward real-world implementation within regulated banking frameworks.
The initiative also follows Ripple’s broader international expansion. The company has recently secured preliminary Electronic Money Institution approval in Luxembourg, strengthening its European footprint and reinforcing its global cross-border payments network that now extends into the Gulf region.
At the heart of the partnership is the modernization of cross-border payments. Ripple’s blockchain infrastructure is designed to enable faster settlement, lower transaction costs, and improved transparency compared with traditional correspondent banking systems.
For Saudi financial institutions operating globally, these efficiencies could significantly reshape liquidity management and international trade flows.
The partners said the collaboration will prioritize near-instant settlement for international transfers, a capability that aligns with Saudi Arabia crypto adoption ambitions to make the Kingdom a competitive financial gateway between Asia, Europe, and Africa.
“Partnering with Jeel, Ripple seeks to unlock new efficiencies in cross-border payments,” — Ripple, in a statement outlining the scope of the collaboration.
By embedding blockchain into payment rails, Riyad Bank could offer clients faster access to global markets while reducing operational friction. For policymakers, such infrastructure supports Vision 2030’s objective of creating a digitally enabled financial system capable of attracting foreign investment and facilitating global commerce.
Beyond payments, asset tokenization represents a second major pillar of the Ripple–Jeel partnership. Tokenization involves converting real-world assets into blockchain-based digital tokens, allowing fractional ownership, easier transferability, and potentially deeper liquidity.
In the context of Saudi Arabia crypto adoption, tokenization could open new pathways for investment across sectors such as real estate, infrastructure, and commodities. By lowering barriers to entry, tokenized assets may attract both domestic and international investors while improving capital formation within the Kingdom.
The partners also plan to explore broader blockchain-based financial products. These could include digital custody solutions and decentralized finance-style services adapted for institutional and regulatory requirements. Such offerings would reinforce Riyad Bank’s ambition to remain at the forefront of digital banking innovation.
“By converting real-world assets into blockchain-based digital tokens, the partnership aims to enable fractional ownership and enhanced liquidity,” — Ripple, in a briefing on the initiative.
Industry observers note that the Ripple–Jeel collaboration reflects growing institutional confidence in blockchain technology across the Middle East. Unlike earlier crypto initiatives driven by startups, this partnership is anchored in a major Saudi bank and a globally established fintech firm.
Ripple’s technology also underpins XRP and the XRP Ledger, which the company continues to position as infrastructure for real-world financial applications. The firm recently received approval from the UK’s Financial Conduct Authority to scale its regulated payments platform nationwide, allowing UK institutions to use XRP-enabled services for cross-border payments.
For Saudi Arabia crypto adoption, these parallel developments matter. They suggest that the technology Riyad Bank is integrating has already passed regulatory scrutiny in multiple jurisdictions, reducing uncertainty around compliance and operational risk.
As Saudi Arabia accelerates digital transformation, the Ripple–Jeel partnership highlights how international fintech expertise and regional banking strength can converge. The initiative positions blockchain not as a speculative asset class, but as infrastructure supporting national economic strategy.
Taken together, the partnership marks a strategic milestone for Saudi Arabia crypto adoption. It demonstrates how blockchain can be embedded within regulated financial systems to deliver tangible benefits—faster payments, new investment structures, and more efficient capital flows—while remaining aligned with central policy objectives.
The collaboration also underscores a broader trend: countries pursuing digital sovereignty are increasingly seeking homegrown or regionally anchored alternatives to global payment networks.
By working with Ripple, Riyad Bank and Jeel are signaling that Saudi Arabia intends to play an active role in shaping the future of digital finance rather than importing solutions wholesale.
As Vision 2030 enters a critical implementation phase, Saudi Arabia crypto adoption through partnerships like Ripple–Jeel may prove central to building a modern, globally connected financial ecosystem capable of sustaining long-term economic growth.
