Riyad Bank, one of Saudi Arabia’s largest financial institutions, has announced a strategic partnership between its innovation arm, Jeel Movement, and enterprise blockchain leader Ripple. The collaboration aims to pioneer new blockchain-based financial solutions within the Kingdom, focusing on enhancing cross-border payments and digital asset services.
This partnership signals a significant step in the adoption of enterprise-grade blockchain technology in Saudi Arabia’s banking sector, aligning with the nation’s ambitious goals for economic modernization.
A Strategic Push into Digital Finance
Under the agreement, Jeel Movement and Ripple will co-develop tools designed for real-world financial applications. The core areas of focus include leveraging blockchain to facilitate faster and more cost-effective cross-border payments, establishing secure digital asset custody solutions, and exploring the tokenization of real-world assets.
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, confirmed the partnership, stating that Ripple is excited to help shape Saudi Arabia’s future financial landscape. He highlighted the Kingdom’s commitment to building a strong foundation for digital transformation and modern infrastructure.
Aligning with Saudi Vision 2030
This initiative directly supports the objectives of Saudi Vision 2030, a national strategy designed to diversify the economy away from its reliance on oil and foster a robust digital and fintech ecosystem. By integrating blockchain technology, the partnership aims to enhance transparency, reduce transactional costs, and accelerate financial processes.
The collaboration moves beyond experimental phases, focusing on developing production-level systems that can be integrated into the national economy. It builds upon the Kingdom’s existing support for fintech innovation, including regulatory sandboxes and digital banking programs, demonstrating growing institutional confidence in regulated digital assets.
Leveraging Ripple’s Enterprise Blockchain
The partnership will explore the integration of Ripple’s XRP Ledger infrastructure as a foundational layer for payment flows and asset transfers within the region’s financial services. This could significantly improve efficiency for high-volume remittances and corporate settlements.
Over time, this infrastructure could also support more advanced applications, such as the trading of tokenized securities or other digital assets, further modernizing the services offered by Riyad Bank.
About Jeel Movement
Launched in 2023, Jeel Movement is the dedicated technology and innovation arm of Riyad Bank. It is tasked with modernizing banking services by collaborating with leading fintech firms and technology partners. Jeel acts as a crucial bridge connecting startups, established financial institutions, and regulators to foster a compliant and innovative financial ecosystem in Saudi Arabia.
Source: Coinfomania
