Ripple Partners with Saudi Arabia's Riyad Bank on Blockchain Projects

Ripple has entered into a cooperation agreement with Jeel, the innovation and venture unit of Riyad Bank in Saudi Arabia. The partnership aims to examine concrete applications of blockchain technology in the Saudi financial sector ^[1].

The collaboration focuses on three areas: cross-border payments, custody of digital assets, and tokenization of assets ^[1]. The initiative is intended to contribute to the development of modern financial infrastructure aligned with the goals of Saudi Vision 2030—a government reform program aimed at diversifying the economy and expanding digital financial services ^[1].

Riyad Bank is among the country's largest financial institutions and manages assets exceeding $130 billion USD according to its own statements ^[1]. Whether and to what extent XRP, which serves as a bridge asset in Ripple's infrastructure for cross-border payments, will actually be utilized in this cooperation has not been confirmed by the parties involved ^[1].

Following the announcement of the partnership, the XRP price recorded an increase of four percent, trading at approximately $1.90 USD ^[1]. Ripple has been expanding its presence in the Middle East for years and already holds regulatory approvals in the United Arab Emirates ^[1].