Ripple has teamed up with the innovation unit of Riyad Bank, which is one of the biggest banks in Saudi Arabia. The goal of the partnership is to bring blockchain technology into the kingdom’s financial system, which might change how assets are managed and how transactions happen across borders.
Reece Merrick, Ripple’s senior executive officer and managing director for the Middle East and Africa, made the news on Monday. This alliance, which is official thanks to a memorandum of understanding, will look into how to use these technologies for cross-border payments, digital asset custody, and asset tokenization. These projects are meant to support Saudi Arabia’s Vision 2030, which is an ambitious goal to modernize the country’s financial infrastructure and diversify its oil-dependent economy.
With more than $130 billion in assets as of mid-2025, Riyad Bank is a major player in the Saudi banking industry. Its cooperation is a big step toward the region’s institutions using blockchain. Jeel, the bank’s innovation department, will work with Ripple to look into these technologies. This could lead to better and safer financial services.
Middle East Emerges as Digital Asset Hub
Saudi Arabia has been careful with blockchain in the past, but the rest of the Middle East is quickly adopting new digital technologies, with the United Arab Emirates leading the way. The UAE has become a major center for digital assets by creating clear rules that draw in companies from around the world.
Regulators in Dubai and Abu Dhabi have set up particular rules for exchanges, custody services, and stablecoin issuers. This makes it easier for these businesses to operate. This has attracted big companies looking for regulated ways to get into the Middle Eastern market and other markets.
Ripple has been growing quickly in the UAE. Recently, it got regulatory permission for its Ripple USD (RLUSD) stablecoin, which is made for payments and settlements between businesses. The RLUSD has already been used more than $1.3 billion, which shows how quickly it has become popular.
Global Tokenization Trends Gain Momentum
The partnership is part of a larger trend around the world toward tokenization based on blockchain. The XRP Ledger, which is linked to Ripple, has recently passed $1 billion in on-chain tokenized assets. This is due to the rise of tokenized U.S. Treasury goods, ETFs, and stablecoins like RLUSD. This milestone shows that more and more institutions trust public blockchains for real-world financial uses.
As tokenization becomes more popular around the world, partnerships like this one could speed up the use of blockchain in traditional finance. In the Middle East, these kinds of changes could help close the gap between new digital economies and old banking systems. This would encourage new ideas and promote the region’s goals of diversifying its economy.
This deal shows Ripple’s strategic move into areas with strong development potential, where regulatory progress and institutional interest are coming together to change the way payments work. As more information about the relationship comes out, it might be used as a model for similar projects across the Gulf Cooperation Council states.
