Ripple has taken a significant step in the Middle East by partnering with Jeel, the innovation arm of Riyad Bank, to explore blockchain applications within Saudi Arabia's regulatory framework. This collaboration, announced on January 27, 2026, is poised to bolster the country's digital economy and enhance its cross-border payment systems, as stated in the official source.
Partnership Formalized Through MoU
The partnership is formalized through a Memorandum of Understanding (MoU), allowing both entities to test blockchain solutions under the supervision of regulatory authorities. This initiative aligns with Saudi Arabia's Vision 2030, which aims to diversify the economy and promote technological advancements.
Comments from Jeel's CEO
George Harrak, CEO of Jeel, highlighted the importance of this collaboration, stating that it merges global blockchain expertise with local regulatory insights, fostering economic diversity. Although specific funding details and immediate market reactions have not been disclosed, the partnership is anticipated to pave the way for future regulatory technology testing in the region, emphasizing compliance and strategic digital transformation.
On January 27, 2026, Ripple Labs announced a partnership with Jeel, the innovation branch of Riyad Bank, aimed at enhancing cross-border payments through blockchain technology. This collaboration aligns with Saudi Arabia's Vision 2030 initiative, as detailed in the full article.
