In a move aligning with Saudi Arabia’s Vision 2030 economic diversification agenda, Riyad Bank—one of the Kingdom’s largest financial institutions—has teamed up with blockchain company Ripple through its innovation unit, Jeel.
The Partnership Details In late January 2026, Jeel, Riyad Bank’s technology and innovation arm, signed a memorandum of understanding (MoU) with Ripple. The agreement focuses on exploring practical applications of blockchain technology in three key areas:
- Cross-border payments: Testing faster, lower-cost, and more transparent settlement corridors, particularly relevant for Gulf remittance and trade flows.
- Digital asset custody: Evaluating secure, scalable frameworks for holding digital assets that meet regulatory and operational standards.
- Asset tokenization: Assessing how real-world assets could be represented as digital tokens to improve liquidity and fractional ownership.
The collaboration includes developing proofs-of-concept inside Jeel’s regulatory sandbox, allowing the parties to test Ripple’s enterprise-grade technology in a controlled, compliant environment aligned with Saudi regulations. cryptonews. netReece Merrick, Ripple’s Managing Director for the Middle East and Africa, highlighted the strategic fit: “Saudi Arabia’s visionary leadership has established the Kingdom as a forward-thinking global hub for digital transformation. It is against this progressive backdrop that Ripple has signed an MoU with Jeel to explore integrating secure, efficient blockchain solutions into the national financial architecture. ”George Harrak, CEO of Jeel, noted that the partnership reflects the unit’s strategy of using its sandbox to responsibly explore next-generation financial infrastructure. Riyad Bank’s Scale and Context Riyad Bank ranks among Saudi Arabia’s top lenders. As of the end of 2025, the bank reported total assets of approximately SAR 519.5 billion (roughly $138–140 billion at prevailing exchange rates), with continued growth into 2026. This institutional scale gives the partnership significant weight within the Kingdom’s financial system. riyadbank.com The initiative supports Vision 2030, Saudi Arabia’s long-term plan to modernize its economy, reduce oil dependence, and build a competitive fintech ecosystem. While the Saudi Central Bank (SAMA) has taken a measured approach to digital assets, private-sector innovation through units like Jeel is accelerating experimentation with blockchain infrastructure.
Broader Regional Momentum The deal forms part of Ripple’s expanding footprint across the Middle East. The company has already secured regulatory progress for its RLUSD stablecoin in the UAE and continues to pursue institutional use cases focused on payments and settlement. Saudi Arabia’s parallel efforts—including sandbox testing and digital transformation initiatives—position the Kingdom as an increasingly important market for enterprise blockchain solutions. Observers note that the partnership does not represent an immediate commercial rollout of crypto services. Instead, it is an exploratory collaboration designed to assess feasibility, compliance, and operational benefits under Saudi regulatory oversight. Results from the sandbox trials will help determine any future steps toward broader integration. As of September 2026, the MoU remains active as part of ongoing efforts to modernize Saudi financial rails through controlled innovation.