Ripple Partners with Riyadh Bank to Enhance Cross-Border Payments

Ripple, a cryptocurrency payment infrastructure company, announced on the 26th that it has entered into a strategic partnership with Jeel, the innovation division of Riyadh Bank, one of Saudi Arabia's largest financial institutions. The partnership, formalized through a Memorandum of Understanding (MOU), will explore the practical application of blockchain technology primarily in three areas: enhancing the efficiency of international remittances, digital asset custody, and asset tokenization. Riyadh Bank holds over $130 billion (approximately 19.5 trillion yen) in total assets and plays a crucial role in the financial system of Saudi Arabia. This partnership supports Saudi Arabia's economic diversification plan, 'Vision 2030'.