PANews reported on January 27th that, according to Cointelegraph, Ripple has partnered with Jeel, the innovation arm of Saudi Arabia's major financial institution, Riyad Bank. The two companies will sign a memorandum of understanding to jointly explore the application of blockchain technology in the country's financial system. The collaboration will focus on cross-border payments, digital asset custody, and asset tokenization, aiming to support Saudi Arabia's "Vision 2030" economic transformation strategy.

Riyad Bank is one of Saudi Arabia's largest banks, with assets exceeding $130 billion by mid-2025. This collaboration is seen as a significant signal that Saudi Arabia's financial system is moving towards blockchain infrastructure.