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Ripple has announced a new partnership with Jeel Movement. It’s the innovation arm of Riyad Bank to expand blockchain use in Saudi Arabia. The agreement was shared by Ripple Middle East and Africa Managing Director, Reece Merrick. The two sides will work together to explore blockchain solutions for real financial use cases.
Their focus will include cross border payments. Including digital asset custody and tokenization. The move aligns with Saudi Arabia Vision strategy. This seeks to modernize the economy and expand its digital and fintech sectors.
Strategic Collaboration to Modernize Finance
Jeel Movement operates as Riyad Bank’s technology and innovation unit. Riyad Bank is one of the largest banks in the Kingdom. With this, Ripple and Jeel will test and develop blockchain tools for Saudi financial services.
The company plans to study how blockchain can make international payments faster and cheaper. They will look at secure storage for digital assets. Also, the ways to tokenize real world assets. Reece Merrick said Ripple is excited to help shape Saudi Arabia future financial system. He added that the Kingdom is building a strong base for digital transformation and modern infrastructure.
Support for Saudi Vision 2030 Goals
Saudi Arabia Vision strategy aims to reduce the country reliance on oil. Also, expand its digital economy. Blockchain fits directly into that plan by improving transparency. By cutting costs and speeding up financial transactions. This partnership supports those goals by bringing enterprise blockchain tools into the banking sector. It shows growing confidence in regulated digital assets.
Saudi authorities have already promoted fintech sandboxes and digital banking programs. Now, Ripple and Jeel are pushing deeper into real world use. The focus is not on experiments only. Instead it is on production level systems that can support the national economy.
Jeel’s Role in Fintech Innovation
Jeel Movement launched in 2023 as Riyad Bank innovation arm. It works with fintech firms and technology partners to modernize banking services. Previously, Jeel partnered with firms like Mambu for cloud banking and Synpulse for wealth platforms. Also, It worked with Fintech Saudi and global tech providers.
Jeel’s mission is to test new financial models and bring them into daily banking. With Ripple, Jeel will add blockchain tools to this strategy. This includes payments, custody and tokenized assets. Jeel acts as a bridge between startups, banks and regulators.
Ripple Expands Its Middle East Presence
Ripple continues to grow in the Middle East. It already works with banks and payment firms across the region. The company also supports central bank projects and regulated stablecoin systems. This new deal strengthens its position in Saudi Arabia. Which is one of the region’s largest markets.
The XRP Ledger may serve as a base layer for payment flows and asset transfers. This could help with high volume remittances and business settlements. Over time, it may support tokenized securities or trade assets.
This partnership shows a clear shift toward institutional blockchain use. It shows Saudi Arabia growing role in global fintech. As projects move from testing to live systems. The Kingdom moves closer to its Vision goals. The deal with Ripple marks another step in that journey.