Jeel, the innovation arm of Riyad Bank, has partnered with Ripple to test cross-border payments and blockchain-based digital asset services in Saudi Arabia through a regulatory sandbox aligned with Vision 2030 goals.
Discover the main fintech news and events!
Subscribe to the FinTech Weekly newsletter
Read by executives from JP Morgan, Coinbase, Blackrock, Klarna and more
Jeel and Ripple Begin Joint Testing of Blockchain Financial Services
Jeel, the innovation arm of Riyad Bank, has entered into a partnership with blockchain company Ripple to test new financial services based on distributed ledger technology. The collaboration will focus on cross-border payments and future digital asset use cases in Saudi Arabia.
Under the terms of the agreement, both parties will conduct technology trials in the Jeel regulatory sandbox. The controlled environment allows financial institutions and technology providers to test new systems under regulatory oversight before wider market deployment.
This partnership comes as Saudi Arabia continues to develop its digital infrastructure in banking and payments. Officials and financial institutions have linked these efforts to the national Vision 2030 program, which aims to modernize economic systems and increase private sector participation in technology-driven services.
Jeel and Ripple plan to evaluate whether blockchain-based tools can support faster international transactions, greater transparency and operational reliability while meeting regulatory requirements.
Cross-border payments at the center of the project
The initial focus of the partnership is on international remittances and payment corridors. Cross-border transfers remain a major challenge for banks and corporate clients due to settlement delays, intermediary costs and limited transaction visibility.
Jeel and Ripple will examine blockchain-enabled corridors designed to reduce friction in international payments. The testing phase will evaluate the performance of Ripple’s infrastructure when handling real transaction flows in a sandbox environment.
Saudi Arabia plays an important role in global remittances, both as a destination for expatriate workers and as a regional financial center. Improving the speed and efficiency of outgoing and incoming transfers remains a priority for banks serving businesses and individuals.
The partnership aims to determine whether blockchain tools can support these objectives while fitting into the country’s regulatory framework.
Sandbox testing focuses on compliance and performance
Jeel operates its sandbox as a testing platform that balances innovation and regulatory discipline. The Ripple collaboration will take place within this framework, allowing both companies to simultaneously review performance criteria and compliance standards.
Testing will cover technical performance, transaction processing capacity, system stability and data security controls. Regulatory alignment remains a central requirement throughout the process.
Jeel executives said the sandbox model allows for controlled experimentation with emerging financial infrastructures. This approach reflects a broader trend in the region, where regulators are increasingly supporting structured testing environments for new payment systems and digital services.
For Ripple, participation in the sandbox provides access to a regulated testing environment directly linked to a major Saudi bank.
Digital Asset Infrastructure Under Review
Beyond payments, the partnership will also examine frameworks for custody and tokenization of digital assets. These areas have attracted attention in financial markets as institutions seek secure ways to manage blockchain-based assets.
Jeel and Ripple plan to test systems that support asset storage, transaction authorization and operational controls. The objective is to identify methods that meet security standards while remaining scalable for institutional use.
Tokenization, which converts traditional assets into blockchain-based representations, is also part of the assessment. Financial institutions view tokenization as a potential tool to improve settlement efficiency and asset management processes.
Any deployment in this area will be dependent on regulatory approval and performance results from the sandbox phase.
Ripple expands its presence in Saudi financial infrastructure
The partnership provides Ripple with direct access to Saudi Arabia’s regulated financial innovation network. Through Jeel’s institutional channels, Ripple will test its enterprise blockchain platforms in the domestic financial environment.
Regional leaders at Ripple have described Saudi Arabia as an important market for digital transformation.. The company views participation in the sandbox as an opportunity to demonstrate how its technology works under regulatory oversight rather than in isolated pilot projects.
The collaboration also allows Ripple to assess local infrastructure requirements, regulatory expectations and operational workflows specific to the Saudi banking system.
For Saudi institutions, working with an established blockchain provider provides exposure to enterprise platforms already in use in other regions.
Alignment with the financial modernization objectives of Vision 2030
Saudi Arabia’s Vision 2030 strategy places digital finance at the center of economic reform. The program encourages banks and technology companies to develop payment systems that support trade, investment and financial inclusion.
Jeel’s partnership with Ripple reflects this direction. By testing blockchain infrastructure in a regulated environment, the project is part of broader national efforts to strengthen digital financial services.
Authorities have stressed the importance of maintaining financial stability while introducing new technologies. Sandbox programs provide a mechanism to achieve both of these goals.
The Ripple collaboration adds an international technology partner to this framework, connecting local banking innovation with global blockchain expertise.
Riyad Bank’s broader digital strategy
Jeel functions as the innovation arm of Riyad Bank, responsible for exploring emerging technologies and testing new financial products. The Ripple partnership builds on the bank’s broader digital strategy, which includes upgrading payments infrastructure and expanding digital banking services.
Riyad Bank remains one of Saudi Arabia’s largest financial institutions, serving businesses, individuals and governments. Its innovation unit plays a role in evaluating technologies before their large-scale deployment in the bank’s operations.
The blockchain experimentation is part of this approach. Rather than adopting systems directly into production, the bank uses sandbox testing to assess risk, reliability and regulatory impact.
This method reflects a cautious but structured approach to financial innovation.
Regional context: adoption of blockchain in the Gulf
In the Gulf region, banks and regulators are increasingly interested in blockchain technology for payments, trade finance and digital asset services. Several countries have launched regulatory sandboxes and pilot programs related to digital currencies and settlement systems.
Saudi financial authorities have taken steps to support controlled experiments while maintaining oversight. The Jeel-Ripple partnership follows this model by combining international technology with domestic regulatory oversight.
The Middle East also plays a growing role in cross-border trade between Asia, Europe and Africa. Payments infrastructure improvements remain linked to broader economic integration efforts.
Blockchain-based systems have attracted attention as tools capable of reducing settlement times and operational complexity across borders.
Fintech collaboration gains momentum
The partnership highlights the growing role of fintech collaboration between banks and technology companies. Traditional financial institutions are increasingly working with specialized providers rather than building all infrastructure in-house.
Ripple brings blockchain expertise, while Jeel provides regulatory access and institutional integration. This model reflects how banks adopt new technologies while maintaining control over compliance and risk management.
This agreement also supports Riyad Bank’s efforts to position itself as an active participant in the development of digital finance in Saudi Arabia.
Industry observers note that such partnerships often determine whether experimental technology moves into traditional banking operations.
Regulatory oversight remains a key factor
Any expansion beyond sandbox testing will depend on regulatory approval and performance results. Saudi regulators continue to evaluate how blockchain systems fit into existing financial laws and consumer protection frameworks.
Issues such as data privacy, transaction monitoring and asset custody controls remain central to these assessments.
The sandbox environment allows regulators to observe real-world performance without exposing the entire financial system to untested risks.
This monitoring process plays a central role in the evolution of digital finance across the Kingdom.
The continuation of the partnership
Jeel and Ripple have not released a timeline for completing sandbox testing or moving to production deployments. The next phase will include performance evaluation, compliance review and operational evaluation.
If the results meet regulatory and institutional standards, the partnership could expand to live payment corridors or digital asset services offered through Riyad Bank platforms.
Such deployment would be done in stages and under continued regulatory oversight.
For now, the focus remains on testing, validation and evaluation of the system.
A measured step towards blockchain banking
The Jeel-Ripple partnership represents a structured approach to blockchain adoption in the Saudi financial sector. Rather than rapid deployment, the project emphasizes testing, compliance and operational readiness.
Cross-border payments, digital asset custody and tokenization remain complex areas that require both technical capabilities and regulatory coordination.
Using a sandbox model, Riyad Bank’s innovation arm and Ripple aim to determine whether blockchain tools can meet institutional standards within one of the region’s largest banking markets.
The results of these tests will influence how quickly blockchain-based services move from controlled trials to everyday banking operations in Saudi Arabia.
