Tanzeel Akhtar has been reporting on cryptocurrency and blockchain technology since 2015. Her work has appeared in leading publications including The Wall Street Journal, Bloomberg, CoinDesk, Bitcoin…
Jeel, a subsidiary of Riyad Bank, has signed a partnership with Ripple to explore advanced blockchain applications aimed at strengthening financial services across Saudi Arabia.
In a press release shared with CryptoNews, the firm said the partnership will focus on developing secure and transparent digital infrastructure that can support the Middle East.
The agreement is part of growing institutional interest in blockchain payment systems and digital asset technologies as Saudi Arabia continues positioning itself as a regional leader.
Cross-Border Payments, Custody and Tokenization in Focus
The deal will also assess how blockchain technology can improve the speed, cost efficiency and transparency of cross-border payments, a key area of opportunity for the Gulf region’s remittance and trade corridors.
Beyond payments Jeel and Ripple will also explore use cases in digital asset custody and tokenization. These technologies are increasingly viewed as foundational components of next-generation financial markets, allowing the storage of digital assets and the representation of real-world assets on blockchain networks.
Regulatory Sandbox Testing to Support Responsible Innovation
Jeel and Ripple will also jointly develop proofs-of-concept within Jeel’s regulatory sandbox allowing Ripple’s blockchain solutions to be tested in a controlled and compliant environment.
The firm’s will examine how blockchain-enabled payment corridors can improve international remittance experiences while also evaluating custody frameworks.
“This partnership with Ripple reflects our strategy of using the Jeel Sandbox to responsibly explore next-generation financial infrastructure,” said George Harrak CEO of Jeel.
“By combining regulated experimentation with global blockchain expertise, we are building the foundations to evaluate scalable use cases that enhance cross-border payments and digital asset capabilities in line with the Kingdom’s long-term digital ambitions,” adds Harrak.
The sandbox approach is expected to help demonstrate scalable and interoperable digital financial infrastructure that could contribute to the modernization of Saudi Arabia’s banking ecosystem.
Value for Both Jeel and Ripple
For Jeel, the partnership strengthens its position as a pioneer in regulated blockchain experimentation, expanding its innovation capabilities beyond traditional fintech acceleration programs. The collaboration also supports Riyad Bank’s broader ambition to evaluate future-ready digital financial services.
Ripple, meanwhile, gains strategic access to Saudi Arabia’s fast-growing fintech landscape through Jeel’s institutional network and innovation platform.
“Saudi Arabia’s visionary leadership has established the Kingdom as a forward-thinking global hub for digital transformation,” said Reece Merrick, Managing Director for the Middle East and Africa at Ripple. “Ripple has signed an MOU with Jeel to explore integrating secure, efficient blockchain solutions into the national financial architecture.”
