Ripple Collaborates with Riyad Bank's Innovation Unit to Explore Blockchain Payment and Custody Applications

Odaily News Ripple announced a collaboration with Jeel, the innovation unit under Saudi Arabia's major financial institution Riyad Bank. The two parties will jointly explore application scenarios for blockchain technology within the Saudi financial system by signing a Memorandum of Understanding (MoU). The cooperation focuses on cross-border payments, digital asset custody, and asset tokenization. These explorations aim to support Saudi Arabia's "Vision 2030," promoting the modernization of financial infrastructure and reducing reliance on the oil economy.

Reece Merrick, Managing Director of Ripple for the Middle East and Africa, stated that this collaboration reflects the institutional-level interest of major Saudi financial institutions in blockchain infrastructure. Riyad Bank is one of the largest banks in Saudi Arabia, with assets exceeding $130 billion as of mid-2025, holding a significant position in the country's financial system.

Meanwhile, the Middle East region is gradually becoming an important market for digital asset innovation, with the United Arab Emirates leading in regulatory clarity and institutional participation. Ripple continues to expand its presence in the Middle East. Its institutional-grade stablecoin, Ripple USD (RLUSD), has received relevant regulatory approvals and is now listed for trading on several mainstream platforms. (Cointelegraph)