Tom Kushner Ripple partners with Saudi bank Riyad Bank’s innovation arm Jeel to advance blockchain payments, digital custody, and tokenization in line with Saudi Arabia’s Vision 2030 modernization goals.
Ripple partners with Saudi bank Riyad Bank in a new collaboration aimed at integrating blockchain technology into the kingdom’s financial framework. The partnership, unveiled by Ripple’s Middle East and Africa leadership, reflects growing institutional appetite for digital asset infrastructure as Saudi Arabia accelerates its Vision 2030 agenda to diversify beyond oil.
Ripple deepens Middle East roots with strategic collaboration
Ripple partners with Saudi bank Jeel, the innovation division of Riyad Bank, in what industry experts see as a significant step toward mainstream blockchain adoption in the Gulf region. The agreement, formalized through a memorandum of understanding, will explore cross-border payments, digital asset custody, and asset tokenization.
The move positions Ripple as a key technology provider in the transformation of Saudi Arabia’s banking ecosystem. Riyad Bank, one of the largest financial institutions in the country with over $130 billion in assets, has the scale and reach to influence blockchain integration at the institutional level.
Reece Merrick, Ripple’s senior executive officer for the Middle East and Africa, confirmed that the collaboration seeks to unlock new efficiencies in payments and asset management, particularly in high-value institutional transactions. For Ripple, this partnership reinforces its strategy of aligning with major banks that can operationalize blockchain infrastructure at scale.
Blockchain integration aligns with Saudi Arabia’s Vision 2030
The announcement that Ripple partners with Saudi bank Riyad Bank underscores how blockchain adoption is becoming central to the nation’s Vision 2030 economic diversification plan. This long-term initiative aims to reduce dependence on oil revenues by promoting innovation, digital finance, and private-sector growth.
By embedding blockchain technology into its financial architecture, Saudi Arabia is preparing to compete with other regional economies, particularly the United Arab Emirates, which has already positioned itself as a leader in digital asset regulation and adoption.
The partnership with Ripple is seen as a strategic experiment that could lead to larger-scale blockchain applications in payments and financial services. Cross-border transfers and digital custody represent two of the most promising use cases for institutional blockchain deployment, as they address key pain points in efficiency, transparency, and settlement speed.
Regional momentum builds for blockchain infrastructure
Ripple partners with Saudi bank Riyad Bank as part of a wider movement across the Middle East, where governments and financial regulators are increasingly open to digital asset innovation. The UAE’s regulatory clarity in Dubai and Abu Dhabi has already attracted major global firms, offering licensed pathways for exchanges, stablecoin issuers, and custodians.
In this context, Saudi Arabia’s engagement with Ripple signals a shift from caution to proactive exploration. The partnership also supports regional interoperability efforts, as cross-border payment corridors between Gulf economies become more digitally connected.
Ripple’s own expansion in the region has been rapid. The company recently obtained regulatory approval for its institutional stablecoin, Ripple USD (RLUSD), designed for enterprise-grade settlement and liquidity. This development complements Ripple’s growing suite of blockchain payment solutions, strengthening its position as a trusted partner for banks and governments.
Beyond the Middle East, Ripple’s technology continues to drive tokenization on a global scale. The XRP Ledger recently surpassed $1 billion in tokenized onchain assets, largely driven by tokenized Treasury products, investment funds, and the growing traction of RLUSD across leading exchanges like Binance.
Institutional adoption gains momentum amid global blockchain shift
The news that Ripple partners with Saudi bank Riyad Bank adds to a wave of global institutional initiatives exploring blockchain-based settlement systems. Financial institutions are increasingly looking to tokenization for real-world assets such as bonds, securities, and funds, as they seek faster, cheaper, and more transparent settlement methods.
Ripple’s engagement with Riyad Bank’s innovation unit Jeel demonstrates how blockchain collaboration can extend beyond digital currencies into infrastructure-level integration. The project’s focus on custody solutions also signals a forward-thinking approach to asset security, a key requirement for large financial institutions managing tokenized assets.
As global financial markets continue to evolve, blockchain infrastructure is shifting from experimental projects to core financial systems. The growing number of partnerships between blockchain providers and major banks shows how quickly the institutional landscape is changing.
Conclusion
Ripple partners with Saudi bank Riyad Bank in a landmark initiative that reflects both regional ambition and global momentum toward blockchain-powered finance. As Saudi Arabia accelerates its modernization under Vision 2030, partnerships like this one illustrate how blockchain technology is becoming central to the future of payments, custody, and digital asset management.
The collaboration may serve as a blueprint for other financial institutions exploring similar integrations, marking another milestone in the journey toward an interconnected blockchain economy.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards.
