Blockchain technology provider Ripple has announced a strategic partnership with a specialized financial technology unit belonging to a major Saudi Arabian banking institution. The collaboration is focused on transforming existing remittance services and establishing infrastructure for secure digital asset custody within the Kingdom.
The core objective is to leverage Ripple’s enterprise blockchain solutions, including its RippleNet platform, to facilitate faster, cheaper, and more transparent cross-border payment corridors between Saudi Arabia and international markets. This move aligns directly with the Saudi Vision 2030 goals of accelerating digital transformation across the financial services sector.
Furthermore, the partnership will explore the implementation of secure institutional digital custody services powered by Ripple’s specialized solutions. This initiative is designed to offer institutional clients in the Middle East and North Africa (MENA) region a safe and compliant environment for managing digital assets, marking a significant step toward broader institutional adoption of decentralized finance solutions in the region.
Source: Ripple partners with Saudi bank unit on blockchain payments, custody
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