Ripple has announced a strategic partnership with Saudi Arabian fintech firm Jeel, aiming to enhance blockchain adoption in the Kingdom's financial sector. This collaboration focuses on cross-border payments, digital asset custody, and tokenization, aligning with Saudi Arabia's Vision 2030 initiative to promote technological innovation. Jeel, a subsidiary of Riyad Bank, will integrate Ripple's blockchain technology into traditional banking infrastructure, potentially transforming financial transactions in the region.
The partnership underscores Ripple's strategic expansion into the Middle East, leveraging Jeel's local expertise and Riyad Bank's established network. This move is expected to improve payment efficiency and financial inclusion, with potential applications in central bank digital currencies. As Saudi Arabia continues its digital transformation, the Ripple-Jeel collaboration could serve as a model for other financial institutions in the region, fostering broader blockchain adoption.
Ripple Partners with Jeel to Advance Blockchain in Saudi Arabia
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