Ripple Expands UAE Presence With Two New Customers

Ripple has expanded its presence in the United Arab Emirates (UAE) by securing two new customers for its Ripple Payments service. The company has signed agreements with Zand Bank and Mamo, marking a significant milestone in its regional growth strategy. This development follows Ripple's acquisition of a payment license from the Dubai Financial Services Authority (DFSA) in March, which allows it to manage global payments end-to-end for banks, fintechs, and crypto firms.

Reece Merrick, managing director for Middle East and Africa at Ripple, highlighted the importance of the DFSA license in enabling Ripple to address the inefficiencies of traditional cross-border payments. This regulatory approval is crucial for Ripple's strategy to expand its services in the region, ensuring compliance and building trust with local financial institutions.

Zand Bank, one of the new customers, expressed excitement about the partnership, aligning it with its push toward digital finance. The bank plans to launch an AED-backed stablecoin, leveraging Ripple's technology to offer faster and more reliable cross-border payment solutions. Chirag Sampat, head of treasury and markets at Zand Bank, emphasized the bank's commitment to digital innovation and its eagerness to launch new financial products.

Mamo, the other new customer, also sees the partnership as a means to offer faster and more reliable cross-border payments for both businesses and consumers looking to scale their UAE operations. Imad Gharazeddine, CEO and co-founder of Mamo, noted that using Ripple’s services allows the company to provide enhanced payment solutions that are not only faster but also more transparent and cost-effective.

Ripple Payments currently operates in over 90 payout markets and has processed more than $70 billion in volume globally. The platform is available in Dubai, the U.S., Brazil, Mexico, Australia, and Switzerland. Ripple uses a global network of payout partners and blockchain infrastructure to move money in minutes. In some cases, it also uses its native digital asset, XRP, as a bridge currency through its On-Demand Liquidity (ODL) service, allowing clients to instantly convert one fiat currency to another using the token.

This expansion into the UAE is part of a broader trend of financial institutions embracing blockchain technology to improve their payment systems. The UAE's proactive approach to fostering a user-driven, data-driven, and proactive environment for financial services has created a conducive atmosphere for companies like Ripple to thrive and innovate. By partnering with local institutions, Ripple can showcase the real-world benefits of its solutions, paving the way for further adoption and growth.

In summary, Ripple's addition of Zand Bank and Mamo as customers in the UAE represents a significant step forward in the company's global expansion strategy. The regulatory approval from the DFSA and the growing acceptance of blockchain technology in the region provide a solid foundation for Ripple to continue innovating and delivering value to its clients. As the financial landscape evolves, Ripple's presence in the UAE is poised to play a crucial role in shaping the future of cross-border payments.