Riyadh - Sharikat Mubasher: Jeel, the innovation and technology arm of Riyad Bank, entered into a strategic partnership with Ripple, a fintech company offering crypto solutions for businesses, to explore advanced applications of blockchain in developing secure, efficient, and transparent financial services across Saudi Arabia.
Under this partnership, both parties will examine how blockchain-enabled payment corridors can enhance international remittance experiences, according to the official statement.
They will also evaluate future-ready frameworks for digital asset custody and develop proofs-of-concept within Jeel’s regulatory sandbox to test Ripple’s technologies in a controlled, compliant environment. These efforts will help advance the Saudi fintech sector by demonstrating scalable, interoperable digital financial infrastructure.
George Harrak, CEO of Jeel, stated that the partnership with Ripple reflects the company’s strategy of using the Jeel Sandbox to responsibly explore next-generation financial infrastructure. “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.”
For his part, Reece Merrick, Managing Director for Middle East and Africa at Ripple, affirmed that the partnership aims to explore integrating secure, efficient blockchain solutions into the national financial architecture.
“We are committed to demonstrating how Ripple’s enterprise-grade digital assets technology can unlock significant efficiencies in areas like cross-border payments, aligning directly with Saudi Arabia’s goal of building a world-leading, competitive fintech ecosystem,” he added.
The partnership strengthens Jeel’s position as a leader in regulated blockchain experimentation and expands its innovation capabilities beyond traditional fintech acceleration. Additionally, it will help Ripple gain strategic access to Saudi Arabia’s fast-growing fintech landscape through Jeel’s sandbox and institutional network.
Ripple will also be able to showcase its enterprise-grade blockchain infrastructure in a highly regulated and innovation-driven environment.
