Ripple collaborates with the innovation department of Riyadh Bank in Saudi Arabia to explore blockchain payment and custody applications

Ripple announced a partnership with Riyad Bank's innovation department, Jeel, a major financial institution in Saudi Arabia. The two parties will collaborate through a Memorandum of Understanding (MoU) to jointly explore the application scenarios of blockchain technology in the Saudi financial system. The focus of the cooperation includes cross-border payments, digital asset custody, and asset tokenization, with the related exploration aimed at supporting Saudi Arabia's "Vision 2030," modernizing financial infrastructure, and reducing reliance on the oil economy.

Reece Merrick, Managing Director of Ripple Middle East and Africa, stated that this partnership reflects the institutional-level interest of large financial institutions in Saudi Arabia in blockchain infrastructure. Riyad Bank is one of the largest banks in Saudi Arabia, with assets exceeding $130 billion by mid-2025, playing a significant role in the national financial system.

At the same time, the Middle East is gradually becoming an important market for digital asset innovation, with the UAE leading in regulatory clarity and institutional participation. Ripple continues to strengthen its presence in the Middle East, with its institutional-grade stablecoin Ripple USD (RLUSD) having received relevant regulatory approval and being traded on several mainstream platforms.