San Francisco-based blockchain firm Ripple has continued to strengthen its foothold across the global space, especially the Middle Eastern region, amid efforts to foster blockchain adoption.
On Monday, Jan. 26, the senior executive and managing director for the Middle East and Africa at Ripple, Reece Merrick, announced that Ripple has signed a new partnership deal with a Saudi Arabian fintech firm, Jeel.
The partnership will see Ripple and Jeel, the innovation arm of Riyad Bank, work together to boost blockchain adoption within Saudi Arabia’s financial services.
Ripple expands cross-border payment services
While the move aligns with Ripple’s mission to continue expanding its cross-border payment services across multiple nations of the world, it has officially signed the new partnership via a Memorandum of Understanding (MoU).
According to Merrick, both firms will work together to explore use cases for cross-border payments, digital asset custody, tokenization and, generally, the integration of secure and efficient blockchain solutions into Saudi Arabia’s financial infrastructure.
Prior to the partnership deal, Saudi Arabia had established a Vision 2030 agenda, which involves building a globally competitive and technology-driven economy. Thus, the Ripple and Jeel partnership marks a step forward toward achieving the vision.
By working with Ripple, Jeel aims to evaluate real-world blockchain use cases that support modernization efforts across payments and digital asset services.
XRP gains spotlight in Saudi Arabia
The partnership, which seeks to drive the use of cross border payments in the region, has sparked attention for the firm’s associated digital currency, XRP.
While the partnership aims to improve the speed, cost and transparency of cross-border transactions, it also positions XRP for further recognition as it tends to bolster its adoption as a suitable option for cross border payments within the Saudi Arabian region.
According to Merrick, Saudi Arabia has continued to play a major role in global fintech innovation, and Ripple’s enterprise-grade digital asset technology makes a perfect fit to help both companies enhance its financial infrastructure.
Tomiwabold Olajide
Caroline Amosun
Alex Dovbnya
Yuri Molchan
Gamza Khanzadaev
