Jeel and Ripple partner to advance blockchain finance in KSA
5.8 Banking Jeel and Ripple partner to develop blockchain financial services in Saudi Arabia, focusing on cross-border payments, asset custody, and tokenization, with testing in Jeel’s regulatory sandbox.
Jeel, the innovation arm of Riyad Bank, has formed a strategic partnership with Ripple to advance blockchain-based financial services in Saudi Arabia. This collaboration will focus on building secure and transparent digital infrastructure, with an emphasis on enhancing cross-border payments, digital asset custody, and tokenization. Development and testing will be conducted within Jeel’s regulatory sandbox to ensure compliance and optimal performance. Both organizations aim to create proofs-of-concept that support Saudi Arabia’s Vision 2030 digital transformation goals, positioning the Kingdom as a regional leader in fintech and digital financial infrastructure. Through this partnership, Ripple gains access to Saudi Arabia’s regulated fintech ecosystem, while both Jeel and Ripple will jointly explore practical blockchain applications in the financial sector.
