Digital powerhouses Jeel and Ripple have announced an agreement on a collaboration that will take Saudi Arabia’s financial sector to the next level.
Both companies have signed a Memorandum of Understanding (MoU) that allows them to explore how blockchain technology can improve financial services across the Kingdom.
The agreement between Jeel, the innovation arm of Riyad Bank, and Ripple, a financial technology (fintech) company, does not necessarily commit either side to a full rollout yet.
However, it gives them the greenlight to explore advanced applications of blockchain and how it can be used to develop secure, efficient and transparent financial services in Saudi Arabia.
The move is part of Saudi Arabia’s plan to revamp its financial infrastructure and regulation, as well as to understand how emerging technologies can support a modern, globally connected economy.
The focus is on how these innovations can be practically applied to several areas, including cross-border payments, digital asset custody and tokenisation.
These areas are important as Saudi Arabia expands its international trade links. It will also help the Kingdom strengthen its position as a global fintech hub.
Jeel Will Serve as a Bridge Between Innovation & Regulation
Jeel has become an important part of Saudi Arabia’s fintech plan by positioning itself as an accelerator and an intermediary between all parties involved.
The tech ecosystem provider will connect government regulators banks, and tech companies and make it easier for each party to work together.
As the tech arm of Riyadh Bank, Jeel operates with a full understanding of the rules and expectations set by regulators in Saudi Arabia. It also has the flexibility to explore new ideas that are outside the jurisdiction of traditional banks.
Jeel launched its regulatory sandbox in September 2025, giving fintech companies a space where they can test their ideas and innovations safely before they’re fully released to the market.
Described as ‘a trusted platform for accelerating market entry’, the experiments conducted in the sandbox take place under regulatory supervision.
This approach reduces risk for both regulators and financial institutions while giving tech partners a clear idea of how to work within a strict framework.
Bringing Ripple into the mix changes the narrative around blockchain, making sure it’s seen as a practical piece of future financial infrastructure.
“This partnership with Ripple reflects our strategy of using the Jeel Sandbox to responsibly explore next-generation financial infrastructure,” said George Harrak, Jeel’s chief executive officer.
“By combining regulated experimentation with global blockchain expertise, we are building the foundations to evaluate scalable use cases that enhance cross-border payments and digital asset capabilities in line with the Kingdom’s long-term digital ambitions.”
Blockchain Tech Could Support Regulated Gambling in Saudi Arabia
The emergence of blockchain tech has the potential to significantly influence a regulated gambling landscape if Saudi Arabia decides to explore the opportunity.
The bets online casinos in Saudi Arabia featured on comparison platform saudia-online.com currently operate under licenses issued in other jurisdictions.
However, blockchain tech can help the Kingdom to establish a strict regulatory framework to oversee the sector. It is already used to support regulated gambling frameworks in other countries.
Blockchain keeps tamper-proof records of transactions, making it easier for betting regulators to monitor activity, and ensuring payments are transparent and traceable.
Jeel and Ripple could come in on the payment side of things, making sure deposits and withdrawals are faster and more secure.
Saudi Arabia will not be easily influenced. But if the country decides to reassess its gambling rules, Jeel and Ripple can help with a smooth transition.
Supporting Vision 2030 Through Practical Innovation
Jeel and Ripple already have an established global footprint, but bringing their services to Saudi Arabia opens them up to the Middle Eastern market.
The market is largely an untapped goldmine for tech companies, particularly with the sector playing a crucial role in Saudi Arabia’s well-documented Vision 2030.
The initiative is aimed at diversifying the Kingdom’s revenue stream by tapping into sectors outside oil and gas, and the tech industry is firmly in the country’s crosshairs.
The MoU for Jeel and Ripple to work on Saudi Arabian soil is a clear indication of how the country is putting in the work to realise its lofty ambitions.
Ripple had already ventured into the Saudi Arabian market, but its collaboration with Jeel bolsters its presence as part of the company’s global expansion strategy.
The California-based fintech company was recently valued at $40 billion.
It was also recently granted an EMI license and Cryptoasset Registration by the United Kingdom’s Financial Conduct Authority, which allows it to expand its payment services in the UK market.
