Ripple, the issuer of RLUSD stablecoin, has signed a memorandum of understanding with Riyad Bank’s innovation subsidiary to explore blockchain applications within the Kingdom’s financial infrastructure.
We are committed to demonstrating how Ripple’s digital asset technology can deliver efficiencies in areas such as cross-border payments, supporting Saudi Arabia’s ambition to build a leading and competitive fintech ecosystem.
Reece Merrick, Managing Director Middle East and Africa, Ripple.
Ripple and Jeel are working together to develop use cases for distributed ledgers and test how blockchain systems can be embedded into Saudi Arabia’s financial architecture.
Riyad Bank’s Jeel uses Ripple for payments, custody and tokenization
Ripple and Jeel plan to develop several financial technology applications under the agreement, including cross-border payments and custody of digital assets. For financial institutions in the Gulf region, blockchain systems are viable for cross-border settlements because they are fast and transparent.
More big news from the Middle East! @Ripple partners with @Jeelmovement, the innovation arm of @RiyadBank, to advance Saudi Arabia’s financial future through blockchain innovation 🇸🇦
The Kingdom’s visionary leadership has made Saudi Arabia a progressive country… pic.twitter.com/KhQ7giluhE
— Reece Merrick (@reece_merrick) January 26, 2026
Tokenization initiatives could also be part of the exploratory work as converting traditional assets into digital representations continues to gain traction in financial centers around the world. Saudi policymakers have added financial innovation as a pillar of the Vision 2030 agenda. This includes open banking, digital payments, blockchain and AI-powered financial services.
Jeel, the innovation and technology arm of Riyad Bank, was established to update its seven-decade-old digital initiatives and financial technology partnerships. In September, the subsidiary partnered with FinTech Saudi to launch digital innovation programs.
That collaboration led to the launch of the Jeel Sandbox, a technical platform for the Saudi fintech community that supports development, testing and licensing processes. It allows financial technology companies to trial digital asset trading services in accordance with the monarch’s legal boundaries.
Supporting Vision 2030 through our technology developments and partnerships with leaders in the area demonstrates Mambu’s commitment to advancing the region’s goals. We look forward to working with Jeel to support financial institutions in the early stages of growth.
Mambu regional leader Harjit Kang.
Jeel also partnered with Mambu, a cloud-native banking technology provider, which provides the modular banking architecture that underpins the platform’s technology layer. The sandbox is hosted on the Google Cloud platform and allows developers to implement simulated interfaces for wallet services in banking-as-a-service platforms.
Cloud zone centers power Saudi Arabia’s digital infrastructure
According to a report from local news publication AGBI, so is Saudi Arabia launch a special economic zone for cloud computing near Riyadh. The initiative will come into effect in early April 2026 and will include tax and regulatory incentives for investors.
The policy targets cloud providers and data center operators with high start-up costs, in addition to the energy needs of digital infrastructure projects. Companies in the cloud zone will be subject to corporate tax, but zakat rules will not apply, unlike in other Saudi economic zones.
For the domestic technology community, it is a strong signal that Saudi Arabia wants to accelerate cloud adoption and scale up local digital infrastructure. In practice, it should make it easier for local cloud and digital infrastructure companies to build, collaborate and grow around a larger cloud ecosystem.
Yusef Alyusef, Managing Director at Alvarez & Marsal.
Regulatory frameworks for the zones will come into force from early April 2026, following publication in the Official Gazette on January 16. Licensed entities will have an additional 90 days to comply with the requirements.
Alyusef noted that the tax credit guidelines and qualification conditions are pending, although he predicted a short induction period as administrative processes develop.
Meanwhile, Fitch Ratings said the Kingdom’s outstanding debt capital market could reach $600 billion by the end of 2026. Outstanding Saudi debt exceeded $520 billion in 2025, up 21% year-on-year, while Sukuk instruments accounted for 62% of the total.
“Almost all Fitch-rated Saudi sukuks are investment grade, with issuers with stable prospects and no defaults. After reforms, foreign investors now contribute more than 10 percent of the government’s outstanding direct domestic issuance in primary local markets by the end of 2025,” Bashar Al-Nator, head of Fitch Ratings Islamic Finance, told reporters earlier today.