Jeel, the technology arm of Riyad Bank, has signed a Memorandum of Understanding (MoU) with blockchain firm Ripple to explore the use of distributed ledger technology across Saudi Arabia’s financial services sector.
Under the agreement, the two organisations will assess how blockchain can improve the speed, cost efficiency and transparency of cross-border payments, while also examining potential use cases for digital asset custody and tokenisation.
According to Jeel, the collaboration will include the development of proofs of concept within its regulatory sandbox, which was launched in September 2025 and is positioned as a “trusted platform for accelerating entry into the Saudi market”. The sandbox will allow Ripple to demonstrate its enterprise-grade blockchain infrastructure in a controlled and regulated environment.
George Harrak, CEO of Jeel, said:
“By combining regulated experimentation with global blockchain expertise, we are building the foundations to evaluate scalable use cases that enhance cross-border payments and digital asset capabilities in line with the Kingdom’s long-term digital ambitions.”
Jeel offers a range of banking technology solutions, alongside digital transformation and managed services, and says the partnership supports Saudi Arabia’s Vision 2030 strategy, which prioritises digital transformation and the development of a competitive fintech ecosystem.
The MoU reflects growing interest among Saudi financial institutions in blockchain-driven infrastructure as the country continues to position itself as a regional hub for financial innovation.
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