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Key Takeaways:

Ripple is growing its operations in the Middle East with a new coalition with Jeel, the innovation team of Saudi Arabia at Riyad Bank. The partnership will consist of investigating the way blockchain infrastructure can be used to help power more efficient financial services in a regulated setting.

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Jeel confirmed the partnership in a public statement, saying it is working with Ripple to study advanced applications designed to improve payment speed and operational efficiency. The initiative focuses on practical use cases rather than immediate commercial rollout.

Jeel is a dedicated platform of Riyad Bank that attempts to test emerging technologies. In this collaboration, blockchain systems of Ripple will be put to practical examination of a more intensive regulatory supervision to enable both parties to determine performance, security, and compliance prior to any larger scale implementation.

Riyad Bank is a company that consists of one of the largest financial institutions in Saudi Arabia that provides the service to some corporate, retail, and government clients. Its presence is an indication of the increasing institutional attention to blockchain infrastructure, especially with regard to the payment flows that are currently delayed and expensive.

The cross-border transactions are at the center of the project. Banks have been struggling with international payments that typically take long due to numerous middlemen, reduced transparency, and split-deposit mechanisms.

The technology of Ripple is created to meet these frictions and provide near real-time clarity in settlement and better transaction tracing. The partners of Jeel will test the ability of these systems in managing the flow of payment, and adjusting to the requirements of the Saudi regulatory standards, in their sandbox, inside Jeel.

Saudi Arabia is a major destination of foreign workers and a regional financial centre to the global remittance needs. Enhancing the effectiveness of inbound and outbound transfers is a business plan of local banks.

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Beyond payments, the partnership will also assess digital asset custody frameworks. Jeel said part of the work includes studying how institutions can securely store and manage blockchain-based assets.

Custody remains a major barrier for banks to join digital asset services. Experiments in the sandbox environment will focus on authorization controls, operation protection and system resilience. All progress depends on strict legal compliance.

The tokenization models are also under consideration at an early stage. These models can support the blockchain-based representations of traditional assets in the long term but only when they fully meet the standards on performance and regulation compliance.

The post Ripple Teams Up With Saudi Bank’s Jeel to Test Faster Blockchain Payments in Regulated Sandbox appeared first on CryptoNinjas.

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