Ripple signed a memorandum of understanding with Jeel, the innovation division of Saudi Arabia's Riyad Bank, to study blockchain applications for the country's financial infrastructure, targeting cross-border payments, digital asset custody and asset tokenisation.

Reece Merrick, Ripple's senior executive officer and managing director for the Middle East and Africa, announced the arrangement on January 27 via social media. Riyad Bank ranks among Saudi Arabia's largest financial institutions with assets exceeding $130bn as of mid-2025.

The partnership supports Vision 2030, Saudi Arabia's long-term economic diversification plan. Saudi Arabia has historically taken a measured stance on blockchain adoption, though the broader Middle East is advancing more aggressively.

The United Arab Emirates has emerged as a regional centre for digital assets by establishing clear regulatory frameworks for exchanges, custodian providers, and stablecoin issuers. Dubai and Abu Dhabi regulators built dedicated frameworks giving firms defined pathways to operate inside traditional financial markets.

Ripple expanded its UAE footprint as part of regional momentum, securing approval for its RLUSD stablecoin designed for institutional payments and settlement use cases. RLUSD circulation has surpassed $1.3bn, with the stablecoin recently starting trading on major platforms.

Tokenisation activity is accelerating globally on public blockchains, with the XRP Ledger crossing $1bn in on-chain tokenised assets as institutions increasingly adopt blockchain infrastructure. Growth has been fuelled by tokenised US Treasury products, investment funds and RLUSD expansion.

The collaboration will work through Jeel's regulatory sandbox, allowing technologies to be evaluated under compliance and governance frameworks aligned with Saudi regulations. The partnership integrates blockchain concepts into Jeel's wider technology strategy for Riyad Bank's innovation planning.