Ripple has entered into a strategic partnership with Jeel to build blockchain-based solutions in Saudi Arabia’s financial infrastructure.
The memorandum of understanding (MoU) signed with Jeel, the innovation arm of Riyadh Bank, aims to accelerate financial transformation in line with the country’s Vision 2030 goals.
Reece Merrick, Ripple’s Senior Director for the Middle East and Africa, argued that the collaboration reflects Saudi Arabia’s visionary leadership in making it a global hub for digital transformation. Merrick stated that together with Jeel, they will evaluate concrete use cases in areas such as cross-border payments, digital asset custody (custody), and tokenization.
According to the statement, the parties aim to increase transaction efficiency, reduce costs, and contribute to Saudi Arabia’s goals of creating a competitive fintech ecosystem by integrating Ripple’s enterprise-scale digital asset technologies into the national financial architecture.
Ripple has been announcing new collaborations from numerous countries in recent days. Shortly before, they announced the renewal of their partnership with a bank in Turkey.
*This is not investment advice.