Skip to main content

Ripple Enters Saudi Arabia to Build New Financial Architecture



Ripple has partnered with Jeel Movement, the innovation arm of Riyad Bank, to explore the use of blockchain technology within Saudi Arabia's financial system.

Key Takeaways



  • Ripple and Jeel Movement have partnered to co-develop blockchain-based cross-border payment tools.

  • The partnership focuses on cross-border payments, digital asset custody, and tokenization in support of Saudi Arabia's Vision 2030 agenda.

  • This partnership marks a growing trend of blockchain adoption in the Middle East, with countries in the region adopting clear regulations on digital assets.


The partnership was announced on Monday, 26th, by Reece Merrick, Ripple’s senior executive officer and managing director for the Middle East and Africa. Merrick noted that the arrangement will take the form of a memorandum of understanding that focuses on cross-border payments, digital asset custody, and asset tokenization.


A Path Towards Saudi Arabia's Vision 2030


This partnership fits directly into Saudi Arabia's Vision 2030, an agenda that aims to modernize the country’s economy and financial system while reducing dependence on oil exports.

Jeel Movement operates as Riyad Bank’s technology and innovation unit that works with fintech firms and technology partners to develop, test, and seek licensing for new solutions. Given that Riyad Bank is one of the largest banks in Saudi Arabia, this partnership allows Ripple to test and develop blockchain tools for Saudi financial services.

The initial focus will be on how to make cross-border payments cheap and faster, as it has remained a core challenge for banks and corporate clients for a while. In addition, they may also extend the work to the tokenization of real-world assets.

Under the agreement, both sides will run technology trials inside Jeel’s regulatory sandbox. This way, financial institutions and technology providers can test new systems under regulatory oversight before broader market deployment.

Blockchain Gaining Adoption in the Middle East


This Jeel-Ripple partnership follows a growing pattern of blockchain adoption in the Middle East. Countries in this region have shown increased interest in blockchain technology for payments, trade finance, and digital asset services. For instance, regulators in Dubai and Abu Dhabi have introduced digital asset regulations that give companies a clearer path to operate within traditional financial markets.

Therefore, as this partnership project moves from testing to live systems, Saudi Arabia also moves a step closer to its Vision goals.

https://www.cryptobreaking.com/ripple-enters-saudi-arabia-to/?utm_source=blogger%20&utm_medium=social_auto&utm_campaign=Ripple%20Enters%20Saudi%20Arabia%20to%20Build%20New%20Financial%20Architecture%20
Labels:

Comments

Post a Comment

Popular posts from this blog

Mastercard Launches AI Agent Pay System With Ripple and Solana Help

Mastercard has launched Agent Pay for Machines, a payments system built for autonomous software agents. The service allows AI agents to send and receive payments without direct human action. It brings Ripple, Coinbase, and Solana Foundation into Mastercard’s push for automated digital commerce. Ripple Brings XRPL and RLUSD to Mastercard’s Agent Pay System Mastercard introduced Agent Pay for Machines on June 10 as a tool for machine-led payments. The system targets high-volume and low-value transactions across business and consumer use cases. It also supports automated settlement between software agents and connected machines. Ripple will support the system through the XRP Ledger and its RLUSD stablecoin. The company said that settlement will become more important as automated commerce grows. It also sees blockchain rails as useful for fast and rule-based payments. RippleX senior vice president Markus Infanger said XRPL and RLUSD support enterprise-grade agent payments. He said the tool...
Post a Comment
Read more

Coinbase's x402 launches AI agents app store for payments

Coinbase-backed x402 has unveiled Agentic.market, a dedicated marketplace aimed at increasing the usefulness of AI agents by aggregating thousands of apps and services that agents can access without any API keys. The rollout positions the platform as a central hub for agents to discover, evaluate, and deploy capabilities across a standardized payments layer. Coinbase product lead Nick Prince described Agentic.market in a video posted on X as a storefront for discovering, comparing, and using x402 services. The marketplace is designed to give both humans and their AI agents access to a wide range of tools—from data feeds to consumer apps—without the friction of managing API credentials. A storefront for discovering, comparing, and using x402 services. Thousands of services. Zero API keys. Powered by x402. Prince added that the market offers a web interface for humans to browse and assess services, alongside a programming layer that lets AI agents autonomously search, filter, and integra...
Post a Comment
Read more

Top Cryptocurrencies to Watch: BTC, ETH, BNB, XRP, Solana, Dogecoin & More

Market Analysis and Price Predictions for Key Cryptocurrencies Recent market dynamics reveal a cautious sentiment across the cryptocurrency landscape, with Bitcoin struggling to maintain levels above $90,000 and many major altcoins facing downward pressure. Indicators point toward reduced participation from both institutional and retail investors, raising concerns about a potential consolidation phase after notable gains earlier in the year. Bitcoin has fallen below $87,000, reflecting waning demand at higher price points. Institutional fund flows into BTC and ETH ETFs have turned negative, indicating a period of subdued market activity. Active addresses and Binance deposit/withdrawal activities are at annual lows, suggesting market indecision. Most leading altcoins are approaching support levels, with some poised for potential breakdowns. Tickers mentioned: Bitcoin, Ethereum, Binance Coin, XRP, Solana, Dogecoin, Cardano, Bitcoin Cash, Chainlink, Hyperliquid Sentiment: Neutral to Sli...
Post a Comment
Read more