Ripple Enters Saudi Banking Sector as Riyad Bank’s Innovation Arm Taps Blockchain

 

Ripple Partners With Riyad Bank’s Jeel Movement to Expand Blockchain Adoption in Saudi Arabia

Ripple has announced a strategic partnership with Jeel Movement, the innovation and technology arm of Riyad Bank, in a move aimed at accelerating blockchain adoption across Saudi Arabia’s financial sector. The collaboration was confirmed by Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, and represents another major step in the Kingdom’s push toward a digitally driven economy.

Through this agreement, Ripple and Jeel Movement will work together to explore and deploy blockchain-based solutions for real-world financial use cases. The partnership will focus on key areas such as cross-border payments, digital asset custody, and the tokenization of real-world assets, all within a regulated and institutional framework.

The move aligns closely with Saudi Arabia’s long-term Vision strategy, which seeks to modernize the nation’s economy, reduce dependence on oil revenues, and establish the Kingdom as a regional leader in financial technology and digital innovation.

A Strategic Collaboration to Modernize Financial Infrastructure

Jeel Movement operates as Riyad Bank’s dedicated innovation unit, tasked with identifying and implementing emerging technologies that can transform traditional banking services. Riyad Bank itself is one of Saudi Arabia’s largest and most influential financial institutions, serving millions of retail and corporate clients across the Kingdom.

By partnering with Ripple, Jeel aims to bring enterprise-grade blockchain technology into Saudi Arabia’s banking ecosystem. The collaboration will involve testing, developing, and potentially deploying blockchain tools designed to enhance the efficiency, transparency, and security of financial services.

One of the primary areas of focus will be cross-border payments. Ripple’s blockchain-based payment infrastructure is designed to enable faster and lower-cost international transfers compared to traditional correspondent banking systems. For a country like Saudi Arabia, which plays a central role in global trade and remittance flows, improving cross-border payment efficiency is a strategic priority.

In addition to payments, the partnership will explore secure digital asset custody solutions, a critical requirement for institutional adoption of blockchain technology. The two sides will also examine how tokenization can be applied to real-world assets, potentially unlocking new forms of liquidity and investment opportunities within the Saudi financial system.

Ripple’s Vision for Saudi Arabia’s Financial Future

Speaking about the partnership, Reece Merrick highlighted Ripple’s enthusiasm for working with Saudi institutions at a time when the Kingdom is investing heavily in digital transformation. He noted that Saudi Arabia has been building a strong foundation for modern financial infrastructure, supported by clear regulatory direction and government-backed innovation initiatives.

According to Merrick, blockchain technology can play a key role in shaping the future of finance in the region by enabling more efficient payment systems, improving transparency, and reducing operational costs for financial institutions.

Ripple’s involvement signals growing confidence in Saudi Arabia as a major hub for institutional blockchain adoption. Rather than focusing on speculative crypto activity, the partnership emphasizes enterprise use cases that support the real economy.

Supporting Saudi Arabia’s Vision Strategy

Saudi Arabia’s Vision strategy is designed to transform the Kingdom into a diversified, knowledge-based economy. A central pillar of this vision is the expansion of the digital economy, including fintech, artificial intelligence, and advanced financial infrastructure.

Blockchain technology fits directly into these objectives. By enabling faster settlement times, reducing intermediaries, and enhancing data integrity, blockchain can significantly improve the efficiency of financial markets.

The Ripple–Jeel partnership supports these goals by bringing proven blockchain solutions into the regulated banking sector. This approach demonstrates how digital assets and distributed ledger technology can be integrated responsibly within existing financial frameworks.

Saudi authorities have already taken steps to encourage fintech innovation through regulatory sandboxes, digital banking licenses, and partnerships with global technology firms. The collaboration with Ripple represents a shift from experimentation toward real-world deployment of blockchain systems at scale.

Moving Beyond Pilot Programs

One of the most notable aspects of the partnership is its emphasis on production-level systems rather than limited pilot projects. While many blockchain initiatives globally remain confined to proof-of-concept stages, Ripple and Jeel are targeting solutions that can be deployed within live financial environments.

This signals a maturation of the Saudi fintech ecosystem. Instead of asking whether blockchain technology works, institutions are now focused on how it can be implemented securely, compliantly, and at scale.

By addressing practical challenges such as compliance, integration with existing systems, and operational reliability, the partnership aims to demonstrate that blockchain can deliver tangible benefits to banks and their customers.

Jeel Movement’s Role in Fintech Innovation

Launched in 2023, Jeel Movement was established as Riyad Bank’s innovation arm to drive digital transformation across its operations. The unit works closely with fintech startups, technology providers, and regulatory bodies to modernize banking services and introduce new financial models.

Jeel has previously partnered with companies such as Mambu for cloud-based core banking solutions and Synpulse for wealth management platforms. It has also collaborated with Fintech Saudi and various global technology providers to support the development of the Kingdom’s fintech ecosystem.

Jeel’s mandate goes beyond experimentation. Its mission is to identify viable innovations and integrate them into everyday banking operations. By working with Ripple, Jeel is expanding this strategy to include blockchain-based payments, custody solutions, and tokenized assets.

Crucially, Jeel also serves as a bridge between innovators, established banks, and regulators. This role is essential in ensuring that new technologies are deployed in a compliant and sustainable manner.

Source: Xpost

Ripple Strengthens Its Middle East Presence

Ripple has been steadily expanding its footprint across the Middle East, partnering with banks, payment providers, and financial institutions in multiple countries. The region’s focus on modernizing financial infrastructure and improving cross-border payments makes it a natural fit for Ripple’s solutions.

In addition to commercial partnerships, Ripple has been involved in supporting central bank digital currency research and regulated stablecoin initiatives. These efforts position the company as a key player in the institutional blockchain space.

The partnership with Jeel Movement strengthens Ripple’s presence in Saudi Arabia, one of the largest and most influential markets in the region. It also reflects growing institutional interest in blockchain solutions that operate within clear regulatory frameworks.

Potential Role of the XRP Ledger

While specific technical details have not been fully disclosed, the XRP Ledger could play a foundational role in the collaboration. The ledger is designed to support high-throughput, low-cost transactions, making it suitable for cross-border payments and asset transfers.

For Saudi Arabia, this could translate into more efficient remittance corridors, improved liquidity management, and faster settlement of international business transactions. Over time, the technology could also support the tokenization of securities, trade finance instruments, or other real-world assets.

Such developments would place Saudi Arabia at the forefront of institutional blockchain adoption, particularly in the context of regulated financial markets.

A Signal of Institutional Confidence in Blockchain

The Ripple–Jeel partnership reflects a broader shift in how blockchain technology is perceived by governments and financial institutions. Rather than viewing it solely through the lens of cryptocurrency trading, institutions are increasingly focusing on its infrastructure potential.

In Saudi Arabia’s case, blockchain is being positioned as a tool to enhance competitiveness, improve efficiency, and support economic diversification. The involvement of major institutions like Riyad Bank adds credibility to this approach.

As more projects move from testing environments into live systems, confidence in enterprise blockchain solutions is likely to grow.

Saudi Arabia’s Growing Role in Global Fintech

Saudi Arabia has been steadily increasing its influence in the global fintech landscape. Government-backed initiatives, strong capital markets, and a large domestic economy have created favorable conditions for innovation.

By attracting global technology providers like Ripple, the Kingdom is reinforcing its ambition to become a regional and international fintech hub. These partnerships also help transfer expertise and best practices into the local market.

Observers say that if successful, the Ripple–Jeel collaboration could encourage other banks in the region to explore similar blockchain integrations.

Looking Ahead

The partnership between Ripple and Jeel Movement marks another important milestone in Saudi Arabia’s digital transformation journey. It highlights a growing willingness among major financial institutions to embrace blockchain technology in practical, regulated ways.

As the collaboration progresses, industry participants will be watching closely to see how these solutions are implemented and scaled. Success could pave the way for broader adoption of blockchain across the Kingdom’s financial sector.

For Ripple, the deal reinforces its position as a leading provider of enterprise blockchain solutions. For Saudi Arabia, it represents another step toward building a modern, resilient, and globally competitive financial system.

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