Saudi Arabia and Ripple have signed a strategic alliance to integrate cross-border payments and asset tokenization under the Vision 2030 framework.
The modernization of the financial system in Saudi Arabia has taken a firm step towards institutional digitization with the signing of a memorandum of understanding between Ripple and Jeel, the innovation division of Riyadh Bank.
This agreement, according to the company, seeks to transform the country's economic infrastructure by exploring blockchain-based solutions, focusing specifically on the efficiency of international payments and the management of digital assets.
With assets exceeding $130.000 billion by mid-2025, Riyadh Bank is positioning itself as a key player in the implementation of these technologies in an economy seeking to diversify its revenue streams beyond oil. The collaboration with Ripple aligns with the national Vision 2030 strategy, underscoring the Kingdom's ambition to become a global technology hub where interoperability and financial transparency are the norm.
Ripple brings blockchain innovation to the Saudi banking system
Saudi Arabia's commitment to financial innovation stems from meticulous planning to integrate advanced tools into its traditional banking architecture. By choosing Ripple as its technology partner, the innovation arm Jeel gains access to a proven ecosystem in institutional environments that facilitates the movement of value as fluidly as the flow of information.
According to statements by Reece Merrick, Ripple's general manager for the Middle East and Africa, the joint work will initially take place in controlled test environments or sandboxes regulatory processes ensure that each application complies with local security standards. These processes, explainedThey allow for the evaluation of network performance in critical tasks such as remittance settlement and secure custody of securities, essential elements for attracting foreign investment and strengthening the national fintech sector.
The collaboration is particularly significant due to the participation of Riyadh Bank, one of the most influential institutions in the Gulf Cooperation Council. The integration of Ripple's technology not only aims to reduce the operating costs of transfers but also opens the door to the issuance of digitally native financial instruments.
According to industry reports, the ability to process transactions in real time using distributed ledgers eliminates bureaucratic hurdles and reliance on intermediaries that have historically slowed trade in the region. This phase of technical exploration reflects a shift from a cautious, observational stance to the active implementation of projects that define the country's competitiveness in the new digital monetary order.
The era of tokenized assets is gaining ground in the Gulf
Beyond conventional payments, the alliance with the XRP issuer places special emphasis on the tokenization of real-world assets, a blockchain technology innovation that has gained global traction in the last year.
In the case of Ripple, its XRP Ledger technology allows for the representation of physical assets or financial contracts using digital tokens, facilitating their fractionalization and liquidity in global markets. Current statistics show that tokenized assets on public networks have surpassed significant milestones, and the arrival of players like Riyadh Bank validates this model for large-scale use. Furthermore, the expansion of solutions like the RLUSD stablecoin, whose circulation recently reached $1.300 billion, offers a regulated bridge for institutions to operate with the stability of the dollar within decentralized networks.
While neighboring countries like the United Arab Emirates have established specific legal frameworks to attract virtual service providers, Saudi Arabia is building its own path centered on the strength of its national banks.
The collaboration between Jeel and Ripple leverages Ripple's experience in obtaining licenses in demanding jurisdictions like Dubai and Abu Dhabi to replicate successful models in Saudi Arabia. Industry analysts agree that payment infrastructure and asset custody are the foundations upon which the Kingdom's future digital economy will be built, allowing sectors such as real estate and energy to benefit from greater traceability and operational efficiency.
Saudi Arabia is moving towards a blockchain-based banking infrastructure
The collaboration between Ripple and Riyad Bank's innovation unit demonstrates Saudi Arabia's commitment to modernizing its financial system. This partnership reflects a clear strategy to integrate the technological efficiency of blockchain with the robustness of traditional banking, in an effort to strengthen the national financial infrastructure and keep it aligned with global standards.
By combining the strength of traditional banking with the agility of blockchain networks, Saudi Arabia is securing a leading role in the evolution of digital finance, setting precedents for how a nation can embrace innovation without compromising regulatory stability.
This new step towards faster payment systems and the digitization of real assets now defines the direction of a region that sees blockchain technology as the engine of its future prosperity.
