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Ripple has teamed up with Riyadh Bank amid increasing interest in blockchain-based infrastructure at the institutional level,, a Saudi financial institution, to investigate the application of blockchain technology within the nation’s financial system.

 

Reece Merrick, senior executive officer and managing director for the Middle East and Africa at Ripple, announced the partnership on Monday. According to Merrick, Ripple, and Jeel, the innovation division of Riyadh Bank has an agreement to research possible uses for blockchain technology.

The agreement will be in the form of a memorandum of understanding that addresses asset tokenization, digital asset custody, and cross-border payments.

Vision 2030, Saudi Arabia’s long-term plan to update its financial system and economy while reducing reliance on oil exports, is the goal of these initiatives. Given Riyad Bank’s size and position within the national financial system, the agreement is noteworthy.

Tokenization activity on public blockchains is growing worldwide in addition to regional developments. Institutional use of blockchain-based infrastructure is reflected in the XRP Ledger’s recent surpassing of $1 billion in on-chain tokenized assets. Tokenized US Treasury funds and products, as well as the expansion of RLUSD, which has started trading on significant platforms like Binance, have contributed to the rise.