Ripple Partners with Riyad Bank to Advance Blockchain Payments in Saudi Arabia

Ripple has announced a strategic partnership with Jeel Movement, the innovation arm of Riyad Bank, to expand blockchain technology adoption in Saudi Arabia’s financial system. This collaboration aims to accelerate digital transformation within the Kingdom’s banking sector while supporting the ambitious goals of Saudi Vision 2030.

The partnership, revealed by Reece Merrick, Ripple’s senior executive officer and managing director for the Middle East and Africa, will focus on developing blockchain-based solutions for real-world financial applications. This initiative comes as Saudi Arabia continues to diversify its economy and strengthen its digital infrastructure.

More big news from the Middle East! @Ripple is partnering with @Jeelmovement, the innovation arm of @RiyadBank, to advance Saudi Arabia’s financial future through blockchain innovation 🇸🇦

The Kingdom’s visionary leadership has established Saudi Arabia as a forward-thinking… pic.twitter.com/KhQ7giluhE

— Reece Merrick (@reece_merrick) January 26, 2026

Strategic Focus on Blockchain Innovation

The collaboration between Ripple and Jeel Movement will center on three key areas of blockchain application: cross-border payments, digital asset custody, and asset tokenization. These technological advancements align perfectly with Saudi Arabia’s Vision 2030, which seeks to modernize the economy and expand the Kingdom’s digital and fintech sectors.

Reece Merrick expressed enthusiasm about the partnership, stating that Ripple is excited to help shape the future of Saudi Arabia’s financial system. He further noted that the Kingdom has established a strong foundation for digital transformation through visionary leadership and investment in modern infrastructure.

Riyad Bank, one of Saudi Arabia’s largest financial institutions with total assets exceeding SAR 359 billion (approximately $95 billion), brings significant financial weight to this partnership. The bank has already committed more than SAR 21.2 billion to Vision 2030-related projects, demonstrating its dedication to the national transformation agenda.

Jeel Movement: Driving Financial Innovation

Launched in 2023, Jeel Movement operates as Riyad Bank’s technology and innovation unit. As one of the Kingdom’s largest banks, Riyad Bank’s partnership with Ripple through Jeel provides a robust platform for testing and developing blockchain applications for Saudi financial services.

Jeel has previously collaborated with several technology partners to modernize banking services. By adding Ripple to its strategic partners, Jeel will incorporate blockchain tools into its innovation strategy, focusing specifically on payments, custody solutions, and tokenized assets.

The partnership comes at a time when Saudi authorities are actively promoting fintech development through regulatory sandboxes and digital banking initiatives. Unlike experimental projects, this collaboration aims to develop production-level systems that can effectively support the national economy.

Regional Blockchain Momentum

Ripple’s partnership with Riyad Bank represents another significant step in its expanding presence across the Middle East. The company already works with numerous banks and payment providers in the region and supports various central bank initiatives and regulated stablecoin systems.

The XRP Ledger may serve as the technological foundation for payment flows and asset transfers in this partnership. This could particularly benefit high-volume remittances and business settlements, with potential future applications including tokenized securities and trade assets.

This collaboration reflects a broader shift toward institutional blockchain adoption in the Middle East financial sector. The partnership comes amid growing regional interest in blockchain technology, particularly in the UAE, which has positioned itself as a hub for digital assets by establishing clear regulatory frameworks for crypto-related businesses.

Ripple has been strengthening its position in the UAE as well, receiving regulatory approval for its Ripple USD (RLUSD) stablecoin designed for institutional use cases such as payments and settlements. The XRP Ledger recently surpassed $1 billion in on-chain tokenized assets, highlighting the growing institutional adoption of blockchain infrastructure.

Advancing Saudi Arabia’s Financial Future

This partnership represents more than just a technological advancement; it signals Saudi Arabia’s commitment to becoming a leader in financial innovation. By embracing blockchain technology, Riyad Bank aims to improve efficiency, reduce costs, and enhance transparency in financial transactions.

The collaboration will help accelerate Saudi Arabia’s journey toward creating a digital economy, which is a core component of Vision 2030. By implementing blockchain solutions in areas like cross-border payments, the partnership addresses a critical need in international finance while potentially reducing transaction costs and times for businesses and individuals alike.

As blockchain adoption grows in Saudi Arabia, we can expect to see more financial institutions following Riyad Bank’s lead. This partnership marks an important milestone in the Kingdom’s digital transformation journey, potentially setting a new standard for banking innovation throughout the region.

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