The Fourth Article:
Introduction
The financial world has undergone significant transformations over the past decade with the introduction of blockchain technologies and digital assets into the realm of international payments. Among these technologies, Ripple and its various solutions have emerged, along with its digital currency XRP. In the Kingdom of Saudi Arabia, the name Ripple has been associated with several initiatives and experiments, but it is important to distinguish between the use of the RippleNet platform and the adoption of XRP as an official currency or settlement medium.
Beginnings and early experiments
In 2018, the Saudi Arabian Monetary Authority (SAMA) launched a pilot program with Ripple aimed at improving international bank transfers.
- The entity using it: The Saudi Arabian Monetary Authority and participating Saudi banks.
- What was used: RippleNet platform (xCurrent) to accelerate messaging and settlement between banks.
- Significant note: The XRP currency itself was not used; final settlement remained in traditional currencies such as the Saudi riyal or the dollar.
Participation of Saudi banks
During the same period, several Saudi banks participated in the pilot program via SAMA.
- Use: Improving the speed and transparency of international transfers.
- Result: A successful experiment at the infrastructure level, but without adopting XRP as a direct liquidity intermediary.
"Aber" Project (2019)
In a significant regional step, SAMA launched the "Aber" project in collaboration with the Central Bank of the UAE.
- Objective: Testing a Central Bank Digital Currency (CBDC) for bilateral settlement between Saudi Arabia and the UAE.
- What was used: An official experimental digital currency, not XRP.
- Implication: Saudi Arabia's focus on sovereign and official solutions more than adopting public tokens.
Regional developments (2020–2022)
- In Saudi Arabia: Limited continued use of RippleNet solutions by some banks, with regulatory focus on compliance and risks.
- In the region: The UAE and Bahrain showed greater openness to on-demand liquidity (ODL) products that could use XRP, while Saudi Arabia remained more reserved.
Current situation (2023–2025)
- In Saudi Arabia:
- No official adoption of XRP.
- Use is limited to RippleNet as a tool to improve international transfers.
- Greater focus on instant payment and CBDC projects.
- In the Middle East:
- Greater expansion in the UAE and Bahrain for ODL use with the potential benefit from XRP.
- Saudi Arabia monitors developments and remains cautious in regulatory aspects.
Importance and future aspirations
- Importance in Saudi Arabia:
- Limited technical improvement in bank transfers via RippleNet.
- No substantial role for XRP as an asset or currency within the Saudi financial system.
- Future aspirations:
- Continued development of CBDC projects and official infrastructure.
- Any expansion in the use of XRP requires a clear regulatory framework and proven business cases.
- It is likely that Saudi Arabia will remain focused on official currencies and sovereign projects more than adopting public tokens.
Conclusion
It can be said that Saudi Arabia's relationship with Ripple was within the framework of technical experiments to improve international transfers via RippleNet, while XRP remained outside the scope of official use. The importance lies in introducing modern technologies to Saudi banks, but the likely future is a focus on central bank digital currency (CBDC) projects and sovereign infrastructure, while monitoring regional and international developments in the field of digital assets.
Timeline from 2018 to 2025 mentioning the entities and official sources for each stage:
- 2018 – Saudi Arabian Monetary Authority (SAMA) + Ripple
Launching a pilot program to improve international transfers via the RippleNet platform (xCurrent).
Reference: Ripple Insights – SAMA Pilot Program
- 2018 – National Commercial Bank (NCB)
Joining the RippleNet network to enhance international transfers.
Reference: The Coin Republic – NCB Joins RippleNet
- 2019 – Saudi Arabian Monetary Authority (SAMA) + Central Bank of the UAE
Launching the "Aber" project to test a central bank digital currency (CBDC) for bilateral settlement.
Reference: Project Aber Report – SAMA & CBUAE
- 2019 – Central Bank of the UAE (CBUAE)
Publishing details of the "Aber" project on the official website.
Reference: CBUAE – Aber Project
- 2020–2022 – Saudi banks
Limited continued use of RippleNet solutions in some international transfers, with regulatory focus on compliance and risks.
Reference: Follow-up reports from Cointelegraph Arabic
- 2023–2025 – Current situation in Saudi Arabia
There is no official adoption of XRP. Use is limited to RippleNet as a tool to improve international transfers, with a greater focus on instant payment projects and CBDC.
Reference: Project Aber Report – SAMA & CBUAE + Follow-up from CBUAE – Aber Project
✅ Summary
- 2018–2019: Beginning of cooperation with Ripple and testing RippleNet, then the "Aber" project with the UAE.
- 2020–2022: Limited continued use of RippleNet, without the adoption of XRP.
- 2023–2025: Focus on instant payment and CBDC projects, with no official announcement about the use of XRP in Saudi Arabia.
