Ripple will work with Riyad Bank in Riyadh, Saudi Arabia, to build a blockchain-based financial system, Cointelegraph reported on Jan. 26 local time.
Ripple will cooperate with the Riyad Bank innovation division to explore ways to apply blockchain technology to financial systems. The agreement covers cross-border payments, digital asset custody and asset tokenisation, and is being pursued as a way to support the Saudi Vision 2030 strategy, Cointelegraph said.
Riyad Bank is one of Saudi Arabia's largest financial institutions, with assets of $130 billion as of mid-2025. With Saudi finance having shown a cautious stance on adopting blockchain, the partnership is expected to be a meaningful turning point, Cointelegraph said.
In the Middle East, the UAE has positioned itself as a blockchain hub, with Dubai and Abu Dhabi refining digital asset regulation and encouraging participation by global companies.
Ripple is also expanding its presence in the UAE. Ripple received regulatory approval for its stablecoin, RLUSD, from Abu Dhabi Global Market. It plans to use it for payments and settlement for institutional investors.
Hwang Chi-gyu
delight@d-today.co.kr