Ripple Partners with Riyad Bank to Revolutionize Blockchain Payments and Asset Custody in Saudi Arabia

In a landmark development for the Middle Eastern financial landscape, Ripple has officially announced a strategic partnership with Jeel, the innovation arm of Riyad Bank, one of Saudi Arabia’s premier banking institutions. This collaboration marks a significant step forward in integrating blockchain technology into the Kingdom’s traditional financial infrastructure, signaling a robust institutional shift toward digital asset adoption.

The partnership, which was unveiled by Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, is formalized through a Memorandum of Understanding (MoU). The scope of this agreement is comprehensive, focusing on three transformative areas: enhancing cross-border payment efficiency, establishing secure digital asset custody frameworks, and pioneering asset tokenization on the blockchain. By leveraging Ripple’s advanced technology, Riyad Bank aims to streamline its operations and provide more sophisticated financial services to its vast client base.

This move is deeply rooted in Saudi Arabia’s "Vision 2030" initiative, a national transformation program designed to diversify the economy and foster innovation. As the Kingdom seeks to reduce its historical dependence on oil, the modernization of its financial sector through blockchain is seen as a vital catalyst for growth. With Riyad Bank holding more than $130 billion in assets, its decision to collaborate with Ripple underscores the growing maturity of the blockchain industry and its readiness for large-scale institutional application.

Furthermore, this partnership reinforces the Middle East's emergence as a global hub for digital asset innovation. While the United Arab Emirates (UAE) has pioneered regulatory frameworks for crypto-assets, Saudi Arabia is now making decisive strides to catch up and define its own path. Ripple’s expansion in the region is not limited to this deal; the company has also been actively promoting its Ripple USD (RLUSD) stablecoin and its XRP Ledger (XRPL), which recently surpassed $1 billion in on-chain tokenized assets. The synergy between Ripple’s technological prowess and Riyad Bank’s financial scale is expected to set a new benchmark for banking in the digital age, facilitating faster, cheaper, and more transparent transactions across the globe.

Posted Using INLEO