The partnership will see Ripple and Jeel, the innovation arm of Riyad Bank, work together to boost blockchain adoption within Saudi Arabia’s financial services.
Ripple expands cross-border payment services
While the move aligns with Ripple’s mission to continue expanding its cross-border payment services across multiple nations of the world, it has officially signed the new partnership via a Memorandum of Understanding (MoU).
According to Merrick, both firms will work together to explore use cases for cross-border payments, digital asset custody, tokenization and, generally, the integration of secure and efficient blockchain solutions into Saudi Arabia’s financial infrastructure.
Prior to the partnership deal, Saudi Arabia had established a Vision 2030 agenda, which involves building a globally competitive and technology-driven economy. Thus, the Ripple and Jeel partnership marks a step forward toward achieving the vision.
By working with Ripple, Jeel aims to evaluate real-world blockchain use cases that support modernization efforts across payments and digital asset services.
$XRP gains spotlight in Saudi Arabia
The partnership, which seeks to drive the use of cross border payments in the region, has sparked attention for the firm’s associated digital currency, $XRP.
While the partnership aims to improve the speed, cost and transparency of cross-border transactions, it also positions $XRP for further recognition as it tends to bolster its adoption as a suitable option for cross border payments within the Saudi Arabian region.
According to Merrick, Saudi Arabia has continued to play a major role in global fintech innovation, and Ripple’s enterprise-grade digital asset technology makes a perfect fit to help both companies enhance its financial infrastructure.
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