Ripple Expands UAE Presence With Two New Payment Partners

Ripple, a prominent player in the cryptocurrency industry, has expanded its presence in the United Arab Emirates by securing two new payment partners. The company announced that Zand Bank and fintech firm Mamo will integrate Ripple Payments, its blockchain-powered cross-border payments platform. This development follows Ripple’s approval earlier this year by the Dubai Financial Services Authority (DFSA), making it the first blockchain-enabled payments provider licensed to operate in the Dubai International Financial Centre.

The regulatory milestone allows Ripple to offer full end-to-end payment services, including instant settlement and 24/7 fund transfers. Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, highlighted the significance of this achievement, stating that it enables Ripple to better serve the demand for solutions to the inefficiencies of traditional cross-border payments, such as high fees, long settlement times, and lack of transparency, in one of the world’s largest cross-border payments hubs.

The addition of Zand Bank and Mamo signals a shift in how institutions in the UAE are approaching digital finance. Zand Bank, which holds a full banking license, is incorporating blockchain and AI into its services. Chirag Sampat, the bank’s Head of Treasury and Markets, confirmed that the institution plans to launch an AED-backed stablecoin, further expanding the country’s blockchain footprint. This move underscores the bank's commitment to leveraging cutting-edge technology to enhance its financial services.

Mamo, a Dubai-based financial technology company, is also embracing blockchain to meet the country’s rapidly growing business landscape. CEO Imad Gharazeddine noted that the UAE is projected to host over a million businesses by 2030, emphasizing the need for fast, reliable financial services. “Our partnership with Ripple is a big step forward. It allows us to offer faster, more reliable cross-border payments for both businesses and consumers,” Gharazeddine said. This partnership is expected to significantly enhance the efficiency and reliability of cross-border transactions in the region.

Ripple’s technology supports over 90 payout markets, covering more than 90% of the world’s daily foreign exchange volume. The firm has processed over $70 billion in payments globally and holds more than 60 licenses and registrations, including regulatory approval in the U.S., Brazil, Mexico, Australia, Switzerland, and now Dubai. This extensive regulatory approval underscores Ripple’s commitment to compliance and its growing influence in the global financial sector.

The move comes as the UAE continues to position itself as a regional hub for blockchain innovation and crypto finance, with regulatory clarity attracting major global players. The UAE’s proactive approach to embracing blockchain technology and cryptocurrency is expected to further solidify its position as a leading destination for digital finance. This development is part of a broader trend where the UAE is becoming a key destination for crypto and stablecoin ventures seeking refuge from stringent regulations in other regions.