Ripple Partners with Jeel to Enhance Blockchain in Saudi Arabia

TLDR

• Ripple and Jeel focus on cross-border payments and tokenization.
• Riyad Bank has over $120 billion in assets for innovation.
• XRP may become essential for cross-border payments in Saudi Arabia.

Ripple, a San Francisco-based blockchain firm, has announced a significant collaboration with Jeel, the innovation arm of Riyad Bank, a leading Saudi bank. This partnership aims to explore various blockchain applications within Saudi Arabia's financial sector. With this development, Ripple supports Saudi Arabia's Vision 2030 by potentially transforming the nation's financial infrastructure with blockchain technology.

The Memorandum of Understanding (MOU) between Ripple and Jeel primarily focuses on cross-border payments, digital asset custody, and tokenization. These developments aim to streamline services and enhance efficiency within the Kingdom's banking sector. The collaboration aligns perfectly with Saudi Arabia's strategic goals in expanding financial technology and blockchain usage.

Ripple and Jeel's Strategic Partnership

The partnership highlights Ripple's strategy in the Middle East, where it seeks to expand its influence in financial technology. Jeel, leveraging Riyad Bank's vast network and resources, will work closely with Ripple. The bank possesses more than $120 billion in assets, indicating a robust foundation for innovative financial solutions. This collaboration builds upon Ripple's history of successful partnerships with companies like Santander, SBI Holdings, and MoneyGram.

Ripple's Managing Director for the Middle East and Africa, Reece Merrick, stated their enthusiasm for demonstrating how digital asset solutions can improve international payment efficiency. This is seen as a step forward in creating a competitive fintech landscape in Saudi Arabia. The full details of the partnership were shared on January 26, 2026. For further insights, see Ripple partnership news on Phemex.

Implications for XRP and Other Assets

In the scope of this partnership, XRP is positioned to be an essential element for facilitating cross-border payments. Due to its speed, cost efficiency, and transparency, XRP could become a core asset within Saudi Arabia. Other digital assets, such as the RLUSD stablecoin, will integrate into the financial framework, especially for digital asset custody and tokenization purposes. However, no impact on other cryptocurrencies like ETH or BTC has been anticipated at this point.

The utilization of XRP in cross-border payments echoes Ripple's previous successful initiatives to foster similar applications globally. Activities such as the mBridge Project indicate a larger strategy to advance interoperability and blockchain testing, supporting Vision 2030 targets. This includes achieving a projected blockchain market CAGR of 89.9%, expected to reach $996.4 billion by 2032.

Future Prospects and Market Dynamics

The partnership is poised to explore sandbox testing for financial innovations, leveraging Ripple's previous $500 million funding round. Despite no new funding allocations specified in this agreement, the potential for future expansion remains significant. Markets anticipate Ripple and Jeel may explore further blockchain use cases that align with Saudi Arabia's financial and economic visions.

As Ripple strengthens its Middle Eastern presence, market participants are keen to view the effects on XRP and associated digital assets in 2026 and beyond. Observers will be closely following the developments and assessments of this partnership, helping to showcase Ripple's role in transforming financial landscapes.