TLDR
- Ripple collaborates with Riyad Bank’s Jeel Movement to enhance blockchain solutions.
- Partnership will explore cross-border payments, digital asset custody, and tokenization.
- The collaboration aims to support Saudi Vision 2030 by advancing the digital economy.
- Jeel Movement plays a key role in integrating blockchain tools for Saudi financial services.
Ripple has announced a partnership with Jeel Movement, the innovation arm of Riyad Bank, to explore blockchain solutions in Saudi Arabia. This collaboration will focus on enhancing financial services by improving cross-border payments, asset tokenization, and digital asset custody. Ripple’s blockchain expertise will help Jeel Movement build and test production-ready systems for the Kingdom’s financial ecosystem.
With today's announcement from Ripple, there is no longer a need for debate on XRP being used or not in the BRICS+ nations.
Ripple Payments Direct documentation from Ripple, the exact process–>NOW approved for operation in the UAE. https://t.co/uuPNNa8M9d pic.twitter.com/QsXOLQAUsT
— Chad Steingraber (@ChadSteingraber) October 1, 2024
Jeel Movement, which launched in 2023, operates as the technology and innovation unit of Riyad Bank. This strategic partnership is aimed at bringing blockchain tools into real-world applications for the Saudi financial sector. Both organizations aim to drive the digital transformation of Saudi Arabia’s banking system, aligned with the country’s Vision 2030 initiative.
Strategic Goals of the Ripple and Jeel Movement Partnership
The collaboration’s primary goal is to explore the use of blockchain to streamline and modernize financial processes, particularly in cross-border payments. Ripple and Jeel Movement will work together to improve the efficiency of international transactions and reduce costs associated with these payments. Additionally, the partnership will focus on the secure custody of digital assets and the tokenization of real-world assets.
Reece Merrick, Managing Director of Ripple Middle East and Africa, emphasized the company’s enthusiasm for contributing to the future of Saudi Arabia’s financial systems. He highlighted that Ripple is committed to supporting the country’s growing infrastructure and helping to shape its digital transformation.
Ripple’s Role in Supporting Saudi Vision 2030
Ripple’s partnership with Riyad Bank is not only a business opportunity but also an effort to support Saudi Arabia’s Vision 2030 goals. Vision 2030 focuses on reducing the nation’s reliance on oil and advancing its digital and fintech sectors. Blockchain technology can play a crucial role in this transformation by improving financial transaction speed, reducing costs, and increasing transparency.
The Saudi Arabian government has already taken significant steps to promote fintech growth through regulatory initiatives, such as fintech sandboxes. By integrating Ripple’s blockchain technology into its financial sector, Saudi Arabia is moving closer to achieving its goal of a robust, modern digital economy.
Jeel Movement’s Mission to Drive Fintech Innovation
Jeel Movement is committed to driving innovation in the Saudi banking sector by testing and implementing new financial models. The organization’s collaboration with Ripple represents a significant leap forward in bringing blockchain technology to mainstream financial services. The goal is not only to experiment with emerging technologies but also to implement systems that can operate at scale.
As part of this collaboration, Jeel Movement will help bridge the gap between startups, financial institutions, and regulators, ensuring that blockchain-based financial systems are compliant with Saudi regulations. This role is vital for ensuring the safe and effective integration of new technologies into the country’s banking infrastructure.
Ripple’s Expansion in the Middle East
Ripple’s partnership with Jeel Movement marks a major step in the company’s expansion within the Middle East. Ripple has already established a presence across the region, working with banks and financial institutions to support the development of blockchain-based payment systems and digital currencies.
The integration of Ripple’s XRP Ledger infrastructure could play a key role in high-volume remittances and business settlements in Saudi Arabia. Over time, this could extend to the tokenization of securities and other trade assets. As Ripple deepens its involvement in the region, it is helping to build a stronger, more efficient financial ecosystem in Saudi Arabia and beyond.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
