Ripple has established a partnership with the innovation division of Riyad Bank, one of Saudi Arabia’s leading financial institutions, to investigate the potential of blockchain technology within the national financial landscape. This collaboration marks a significant rising institutional interest in blockchain infrastructure.
The announcement came on Monday from Reece Merrick, Ripple’s Senior Executive Officer and Managing Director for the Middle East and Africa. He stated that Ripple is cooperating with Jeel, the innovation unit of Riyad Bank, to evaluate potential blockchain applications.
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The partnership will result in a memorandum of understanding aimed at enhancing cross-border payments, digital asset custody, and asset tokenization. This initiative supports Saudi Arabia’s Vision 2030, a strategic roadmap to modernize the economy and financial structure while reducing reliance on oil exports.
The significance of this deal lies in Riyad Bank’s stature and influence in the national financial system, given it is one of the largest lenders in Saudi Arabia, possessing over $130 billion in assets as of mid-2025. This positions the bank as a vital entity in transitioning towards blockchain-enabled financial services.
Middle East is Emerging as a Major Market for Digital Asset Innovation
Although Saudi Arabia has traditionally been cautious regarding blockchain, there is a decisive shift towards embracing this technology within the broader Middle East, predominantly led by the United Arab Emirates (UAE).
The UAE has established itself as a regional hub for digital assets, combining clear regulatory frameworks with proactive involvement from global firms. Regulators in Dubai and Abu Dhabi have initiated specific digital asset regulations, covering exchanges, custody providers, and stablecoin issuers, presenting companies with a transparent path to function within conventional financial markets.
Ripple has broadened its operations in the UAE in line with this trend, having secured regulatory approval for its Ripple USD (RLUSD) stablecoin, which caters to institutional requirements such as payments and settlements.
Currently, the RLUSD stablecoin has achieved over $1.3 billion in circulation, indicating a robust market presence.
As developments unfold, activities surrounding tokenization on public blockchains are also increasing on a global scale, as evidenced by the XRP Ledger surpassing $1 billion in tokenized assets. This surge reflects an uptrend in institutional adoption of blockchain infrastructure.
