Short Description
Riyad Bank’s Jeel partners with Ripple in a Saudi regulatory sandbox, testing blockchain for faster, cheaper cross-border payments and the future of digital assets.
Read Time: 3 minutes 30 seconds
Main Article
In a significant move for banking innovation, Riyad Bank’s innovation arm, Jeel, has entered a landmark partnership with blockchain leader Ripple. The collaboration will rigorously test blockchain-based cross-border payments and explore digital asset services within Saudi Arabia’s regulatory sandbox. This initiative is a direct stride toward the nation’s Vision 2030 goals, aiming to modernize its financial infrastructure and enhance its position as a digital economy hub. By leveraging a controlled testing environment, the partnership emphasizes security and compliance, ensuring that any future deployment meets stringent institutional and regulatory standards before reaching the market.
The initial focus will be on tackling inefficiencies in international remittances—a critical area for Saudi Arabia’s large expatriate workforce and corporate sector. The duo will assess if Ripple’s enterprise-grade technology can deliver faster settlement times, increased transparency, and reduced costs for payment corridors. Beyond payments, the sandbox will also serve as a testing ground for the future of finance, examining secure frameworks for digital asset custody and potential asset tokenization. This structured approach allows Riyad Bank to explore cutting-edge solutions while systematically managing risk and aligning with evolving financial regulations.
For Ripple, this partnership represents a strategic entry into one of the Gulf’s most important financial markets through a major institutional channel. It underscores a growing regional trend where traditional banks are actively collaborating with specialized fintech firms to future-proof their services. The outcome of these sandbox trials could set a precedent, demonstrating how blockchain technology can be responsibly integrated into mainstream banking operations to drive efficiency and support broader economic digital transformation objectives.
Short Summary
Riyad Bank’s Jeel and Ripple are piloting blockchain solutions in Saudi Arabia’s regulatory sandbox, focusing on streamlining cross-border payments and evaluating digital asset infrastructure. This cautious, compliance-first partnership directly supports Saudi Vision 2030’s financial modernization goals and highlights the growing institutional adoption of blockchain technology in major banking markets. The results could pave the way for more efficient and transparent financial services across the region.
