Odaily Odaily reports that Ripple has announced a partnership with Jeel, the innovation arm of Riyadh Bank, a major Saudi financial institution. The two companies will jointly explore the application of blockchain technology within the Saudi financial system through a Memorandum of Understanding (MoU). The collaboration will focus on cross-border payments, digital asset custody, and asset tokenization, with the aim of supporting Saudi Arabia's "Vision 2030," modernizing its financial infrastructure, and reducing its dependence on the oil economy.
Reece Merrick, Managing Director of Ripple Middle East and Africa, stated that this collaboration reflects the institutional-grade interest of major Saudi financial institutions in blockchain infrastructure. Riyadh Bank, one of Saudi Arabia's largest banks with assets exceeding $130 billion as of mid-2025, holds a significant position in the country's financial system.
Meanwhile, the Middle East is gradually becoming an important market for digital asset innovation, with the UAE leading the way in terms of regulatory clarity and institutional participation. Ripple is also continuously increasing its investment in the Middle East; its institutional-grade stablecoin, Ripple USD (RLUSD), has received relevant regulatory approvals and is available for trading on some major platforms. (Cointelegraph)
