Ripple has announced the addition of two new partners in the United Arab Emirates, further solidifying its position within the region’s financial landscape. The company revealed on Monday that Zand Bank and fintech firm Mamo are set to adopt Ripple Payments, its blockchain-enabled cross-border payments platform.
This partnership announcement comes on the heels of Ripple receiving approval from the Dubai Financial Services Authority (DFSA) earlier this year, making it the first blockchain-based payments provider to be licensed to operate in the Dubai International Financial Centre.
Ripple Cleared to Offer 24/7 Global Payments After Regulatory Win
This significant regulatory achievement allows Ripple to deliver comprehensive payment solutions, which include instantaneous settlement and continuous fund transfers around the clock.
Reece Merrick, the Managing Director for Ripple in the Middle East and Africa, stated, “Securing our DFSA license 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 collaboration with Zand Bank and Mamo reflects a broader trend among UAE institutions moving towards embracing digital finance.
Zand Bank, which operates under a full banking license, is integrating blockchain technology and artificial intelligence into its offerings. Chirag Sampat, the bank’s Head of Treasury and Markets, confirmed its plans to introduce an AED-backed stablecoin, thereby enhancing the country’s blockchain presence.
Ripple Payments momentum is building in the UAE. https://t.co/gFiwxXWfM5
Following our DFSA license, Zand Bank and @MamoPay are now live on Ripple Payments—bringing always-on, blockchain-powered cross-border payments to one of the world’s top remittance hubs.
— Ripple (@Ripple) May 19, 2025
Mamo, which is based in Dubai, is also leveraging blockchain technology to adapt to the rapidly expanding business environment in the UAE. CEO Imad Gharazeddine emphasized that the UAE is forecasted to accommodate over a million businesses by 2030, highlighting the pressing need for swift and dependable 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,” stated Gharazeddine.
Ripple’s technology supports over 90 payout markets, covering in excess of 90% of the daily foreign exchange volume worldwide. The company claims to have facilitated more than $70 billion in global payments and has secured over 60 licenses and approvals, including those in the U.S., Brazil, Mexico, Australia, Switzerland, and now Dubai.
UAE Continues to Attract Crypto Firms
This development arrives at a time when the UAE is increasingly establishing itself as a leading hub for blockchain innovation and crypto finance, drawing major global entities due to its regulatory clarity.
Recent reports indicate that a state-backed investment firm in Abu Dhabi is poised to invest $2 billion into crypto exchange Binance using USD1, a stablecoin linked to World Liberty Financial, a crypto venture associated with the Trump family.
Industry experts suggest that the UAE is on track to become a primary destination for crypto and stablecoin initiatives seeking an alternative to the European Union’s newly instituted Markets in Crypto-Assets (MiCA) regulation.
This regulatory framework, which took full effect on December 30, poses significant challenges for crypto companies operating within the EU’s 27-member bloc, leading many to contemplate relocation. Among its stringent demands, smaller stablecoin issuers are required to maintain 30% of their reserves in low-risk EU-based commercial banks, while larger entities like Tether must hold 60% or more in a similar manner.
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