Ripple has entered a strategic partnership with Jeel, the innovation and technology arm of Riyad Bank, marking a significant step in Saudi Arabia’s push to modernize its financial infrastructure under Vision 2030.
The collaboration brings one of the world’s best-known blockchain firms into a regulated Saudi banking sandbox to test practical applications of distributed ledger technology across payments and digital asset services.
The partnership is structured around Jeel’s regulatory sandbox, a controlled environment that allows banks and technology providers to trial new systems under close regulatory oversight.
Within this framework, Ripple and Jeel will assess whether blockchain-based solutions can meet the operational, security, and compliance standards required for deployment inside the Kingdom’s financial system.
Rather than a marketing pilot, the initiative is positioned as a technical and regulatory evaluation designed to answer a specific question: can blockchain infrastructure deliver measurable improvements to cross-border payments and digital asset management while fitting within Saudi Arabia’s banking rules?
Key Takeaways
- Ripple and Jeel are testing blockchain-based cross-border payments and digital asset services within a regulated sandbox backed by Riyad Bank.
- The partnership supports Saudi Arabia’s Vision 2030 by aligning financial innovation with regulatory oversight and institutional standards.
- Cross-border remittances are a primary focus, with trials aimed at improving transaction speed, transparency, and operational efficiency.
- Any commercial rollout will depend on sandbox results, regulatory approval, and demonstrated system reliability.
Testing Blockchain Where It Matters Most
The first phase of the collaboration focuses on cross-border payments, an area where traditional banking infrastructure still faces delays, high costs, and limited transaction transparency.
For Saudi Arabia, this challenge carries added importance. The country is one of the world’s largest remittance corridors, serving millions of expatriate workers and acting as a regional financial hub for corporate flows.
Jeel and Ripple will test blockchain-enabled payment corridors within the sandbox, examining settlement speed, transaction visibility, system reliability, and cost efficiency. The trials will use real-world transaction scenarios rather than theoretical models, allowing both technical teams and regulators to observe performance under realistic conditions.
Banks globally have explored blockchain for international transfers, but adoption often stalls at the regulatory stage. By embedding testing inside Jeel’s sandbox, the partnership aligns technical experimentation with supervisory expectations from the outset.
Compliance First, Innovation Second
Jeel’s sandbox model emphasizes discipline as much as innovation. Every test run under the Ripple collaboration will be evaluated not only on performance metrics but also on regulatory alignment, data security, and operational resilience.
This includes stress testing transaction throughput, reviewing system stability, and validating controls around data protection and monitoring. For Saudi regulators, the sandbox provides visibility into how blockchain systems behave before they are allowed anywhere near live banking rails.
The approach reflects a broader shift in the region, where financial authorities increasingly support structured experimentation rather than unrestricted pilots. For Ripple, participation offers something many blockchain firms lack: direct engagement with a major bank and regulators in a highly supervised environment.
Digital Assets and Tokenization Under Review
Beyond payments, the partnership extends into digital asset infrastructure, including custody and tokenization frameworks. These areas have drawn growing attention from institutional players, but they remain tightly regulated due to risks around security, governance, and asset control.
Jeel and Ripple plan to test systems that support secure storage, transaction authorization, and operational oversight for blockchain-based assets.
Tokenization, which involves representing traditional assets on a blockchain, is also part of the evaluation. Financial institutions see potential benefits in faster settlement and improved asset tracking, but only if systems can meet institutional-grade standards.
Any move beyond testing will depend on regulatory approval and the outcomes of sandbox trials. For now, the focus remains on proving that such systems can function reliably within Saudi Arabia’s legal and operational frameworks.
Vision 2030 and Financial Modernization
Saudi Arabia’s Vision 2030 program places digital finance at the center of economic reform. The strategy encourages banks and technology firms to develop payment systems that support trade, investment, and financial inclusion while maintaining financial stability.
Jeel’s partnership with Ripple fits squarely within this agenda. By testing blockchain infrastructure inside a regulated environment, the initiative connects global technology expertise with domestic oversight.
“This partnership with Ripple reflects our strategy of using the Jeel Sandbox to responsibly explore next-generation financial infrastructure,” said George Harrak, CEO of Jeel.
“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 Riyad Bank, one of the country’s largest financial institutions, the collaboration supports a broader digital strategy that prioritizes careful evaluation over rapid deployment. New technologies are tested, measured, and refined before any decision is made to integrate them into core banking operations.
Ripple’s Growing Footprint in Saudi Arabia
For Ripple, the partnership offers strategic access to Saudi Arabia’s regulated financial ecosystem. Through Jeel’s institutional network, Ripple can test its enterprise blockchain platforms under real regulatory scrutiny rather than in isolated proof-of-concept environments.
The company views Saudi Arabia as a key market for digital transformation in the Middle East. Participation in the sandbox allows Ripple to adapt its technology to local infrastructure requirements and regulatory expectations while demonstrating how its systems perform within a national banking context.
“Saudi Arabia’s visionary leadership has established the Kingdom as a forward-thinking global hub for digital transformation,” said Reece Merrick, Managing Director for the Middle East and Africa at Ripple.
“It is against this progressive backdrop that Ripple has signed an MOU with Jeel to explore integrating secure, efficient blockchain solutions into the national financial architecture.”
Merrick added that Ripple aims to show how its enterprise-grade technology can improve efficiency in areas such as cross-border payments, directly supporting Saudi Arabia’s goal of building a competitive fintech ecosystem.
A Measured Path Toward Adoption
No timeline has been announced for completing the sandbox phase or moving into production deployments. Any expansion will depend on performance results, compliance reviews, and regulatory approval.
If successful, the partnership could lead to live payment corridors or digital asset services offered through Riyad Bank’s platforms, introduced gradually and under continued supervision. If not, the findings will still inform how Saudi institutions approach blockchain adoption in the future.
What sets this initiative apart is its emphasis on structure over speed. By prioritizing testing, compliance, and operational readiness, Jeel and Ripple are taking a cautious but deliberate step toward integrating blockchain into one of the region’s most important banking markets.
The outcome of these trials will likely influence how quickly blockchain-based services move from controlled environments into everyday financial operations across Saudi Arabia.
