TLDR
- Jeel, the innovation unit of Riyad Bank, signed a partnership with Ripple to explore blockchain use in financial services.
- The collaboration focuses on improving cross-border payments, custody solutions, and tokenization using Ripple’s enterprise technologies.
- All testing will occur inside Jeel’s regulatory sandbox, aligning with Saudi Arabia’s Vision 2030 digital transformation goals.
- Ripple will gain strategic access to Saudi Arabia’s regulated fintech ecosystem to showcase and test its blockchain solutions.
- Both firms will jointly develop proofs-of-concept to evaluate the compliance, security, and scalability of blockchain-based infrastructure.
Jeel, Riyad Bank’s innovation arm, has partnered with Ripple to explore blockchain-based financial services across Saudi Arabia. The collaboration aims to evaluate Ripple’s technologies for improving cross-border payments and enabling future digital asset solutions. Both entities will test these technologies within Jeel’s regulatory sandbox to ensure compliance and performance.
Jeel and Ripple Target Cross-Border Payment Enhancements
According to a press release by Zawya, Jeel and Ripple will jointly study blockchain-enabled corridors to enhance international remittance speed, cost, and transparency. The collaboration supports Saudi Arabia’s Vision 2030 goals to drive digital transformation across financial services. Both companies will assess real-world applications for Ripple’s technology through sandbox testing.
The partnership will also explore frameworks for digital asset custody and tokenization that meet operational and regulatory standards. Ripple and Jeel plan to test multiple blockchain-based systems to evaluate secure and scalable outcomes. Their work will operate within a controlled environment to align with national compliance expectations.
George Harrak, CEO of Jeel, stated, “This partnership with Ripple reflects our strategy of using the Jeel Sandbox to responsibly explore next-generation financial infrastructure.” He added, “By combining regulated experimentation with global blockchain expertise, we are building the foundations to evaluate scalable use cases.” The partnership enables Jeel to expand its innovation capabilities and support Riyad Bank’s broader digital ambitions.
Ripple Gains Access to Saudi Innovation Network
Ripple will access Saudi Arabia’s fast-growing fintech sector through Jeel’s institutional channels and regulatory environment. The sandbox offers Ripple an opportunity to showcase its enterprise blockchain infrastructure in a real-world setting. This engagement will help Ripple evaluate its payment technologies under regulatory oversight.
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, confirmed the agreement and the goals behind the partnership. “Saudi Arabia’s visionary leadership has established the Kingdom as a forward-thinking global hub for digital transformation,” he said. He added, “Ripple has signed an MOU with Jeel to explore integrating secure, efficient blockchain solutions into the national financial architecture.”
Ripple will also contribute to the sandbox by introducing enterprise-grade blockchain platforms that support various cross-border and asset custody functions. Jeel will validate each solution through sandbox evaluations designed to test scalability, performance, and compliance. The partnership reinforces both entities’ commitment to building compliant financial technologies that align with Saudi Arabia’s regulatory vision.
