Ripple Partners with Riyad Bank to Explore Blockchain in Saudi Arabia

Ripple has announced a strategic partnership with Jeel, the innovation arm of Riyad Bank, to explore blockchain technology applications within Saudi Arabia’s financial infrastructure. The collaboration aims to support the Kingdom’s Vision 2030 agenda through digital transformation initiatives.

The partnership will focus on cross-border payments, digital asset custody, and tokenization use cases. Jeel confirmed plans to develop prototypes within its regulatory sandbox environment. Both entities aim to enhance payment speed and efficiency across the Saudi financial system.

نعلن في جيل عن شراكتنا مع شركة ريبل لاستكشاف تطبيقات متقدمة تهدف إلى تحسين سرعة وكفاءة المدفوعات.
وتركز هذه الشراكة على دراسة حالات استخدام حفظ الأصول الرقمية، إلى جانب تطوير نماذج أولية ضمن البيئة التنظيمية التجريبية لجيل، دعمًا لمستهدفات #رؤية_السعودية_2030 pic.twitter.com/WzUZrBQPYV

— Jeel (@Jeelmovement) January 26, 2026

Riyad Bank stands as one of Saudi Arabia’s largest financial institutions. Its innovation division, Jeel, operates dedicated programs for testing emerging financial technologies. The partnership marks Ripple’s latest expansion into Middle Eastern markets.

Ripple’s Growing Middle East Presence

The Saudi partnership follows Ripple’s broader push into regional markets. The company has positioned itself as a key infrastructure provider for blockchain-based payment solutions across the Gulf Cooperation Council nations.

Ripple executives expressed enthusiasm about shaping Saudi Arabia’s financial future. The Kingdom has actively pursued digital transformation as part of its economic diversification strategy. Government leadership has established the country as a hub for fintech innovation.

Jeel’s regulatory sandbox will serve as the testing ground for initial prototypes. This controlled environment allows financial institutions to experiment with new technologies under regulatory oversight. The sandbox approach reduces implementation risks while enabling innovation.

Meanwhile, the partnership aligns with Ripple’s strategy of targeting institutional clients in emerging markets. The company has secured similar arrangements across Asia, Europe, and Latin America. Middle Eastern expansion represents a natural progression of this global strategy.

Ripple’s U.S. Market Resurgence

The Saudi announcement comes as Ripple simultaneously expands its domestic U.S. operations. In early 2024, the company revealed plans to introduce XRP through its Ripple Payments services in the American market.

Oliver Segovia, Senior Director and Head of Product Marketing for Payments at Ripple, outlined the domestic expansion strategy. He noted that approximately 90% of Ripple’s business currently serves international entities. The company now aims to leverage its global expertise for U.S. market growth.

Ripple Payments utilizes XRP as a bridge asset for cross-border transactions. The service promises faster and more cost-effective international transfers compared to traditional banking rails. Existing money transmitter licenses across multiple states enable domestic service offerings.

The Saudi partnership emerges amid significant regulatory developments across the broader Middle East region. The United Arab Emirates recently enacted Federal Decree Law No. 6 of 2025, establishing comprehensive requirements for decentralized finance operations.

The UAE legislation took effect on September 16, 2025. It mandates licensing requirements for crypto payments and digital stored value operations. The Central Bank of the UAE enforces compliance across financial institutions and digital asset activities.

Irina Heaver, founder of NeosLegal, described the UAE law as consequential for regional crypto industries. Projects operating in the Emirates have until September 2026 to achieve full compliance. The regulatory clarity may attract additional institutional blockchain adoption.

Saudi Arabia’s regulatory approach differs from its UAE neighbor. The Kingdom has taken a measured stance on cryptocurrency while embracing underlying blockchain technology. Partnerships like the Ripple-Jeel arrangement allow controlled exploration of digital asset applications.

The convergence of regulatory frameworks and institutional partnerships signals maturing blockchain infrastructure across Middle Eastern markets. Ripple’s dual expansion in Saudi Arabia and the United States positions the company for growth across both established and emerging financial centers.