Ripple Enters Saudi Arabia To Build New Financial Architecture

(MENAFN- Crypto Breaking) Ripple has partnered with Jeel Movement, the innovation arm of Riyad Bank, to explore the use of blockchain technology within Saudi Arabia's financial system.

Key Takeaways

• Ripple and Jeel Movement have partnered to co-develop blockchain-based cross-border payment tools.
• The partnership focuses on cross-border payments, digital asset custody, and tokenization in support of Saudi Arabia's Vision 2030 agenda.
• This partnership marks a growing trend of blockchain adoption in the Middle East, with countries in the region adopting clear regulations on digital assets.

The partnership was announced on Monday, 26th, by Reece Merrick, Ripple 's senior executive officer and managing director for the Middle East and Africa. Merrick noted that the arrangement will take the form of a memorandum of understanding that focuses on cross-border payments, digital asset custody, and asset tokenization.

A Path Towards Saudi Arabia's Vision 2030

This partnership fits directly into Saudi Arabia's Vision 2030, an agenda that aims to modernize the country's economy and financial system while reducing dependence on oil exports.

Jeel Movement operates as Riyad Bank's technology and innovation unit that works with fintech firms and technology partners to develop, test, and seek licensing for new solutions. Given that Riyad Bank is one of the largest banks in Saudi Arabia, this partnership allows Ripple to test and develop blockchain tools for Saudi financial services.

The initial focus will be on how to make cross-border payments cheap and faster, as it has remained a core challenge for banks and corporate clients for a while. In addition, they may also extend the work to the tokenization of real-world assets.

Under the agreement, both sides will run technology trials inside Jeel's regulatory sandbox. This way, financial institutions and technology providers can test new systems under regulatory oversight before broader market deployment.

Blockchain Gaining Adoption in the Middle East

This Jeel-Ripple partnership follows a growing pattern of blockchain adoption in the Middle East. Countries in this region have shown increased interest in blockchain technology for payments, trade finance, and digital asset services. For instance, regulators in Dubai and Abu Dhabi have introduced digital asset regulations that give companies a clearer path to operate within traditional financial markets.

Therefore, as this partnership project moves from testing to live systems, Saudi Arabia also moves a step closer to its Vision goals.

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