Ripple has strengthened its foothold in the Middle East by adding UAE-based Zand Bank and Mamo as customers for its blockchain-powered cross-border payment solutions. This strategic move follows Ripple’s acquisition of a license from the Dubai Financial Services Authority (DFSA) earlier this year, enabling it to offer end-to-end global payment services to financial institutions and crypto firms.
Key Highlights of Ripple’s UAE Expansion
- New Partnerships: Zand Bank (the UAE’s first digital bank) and Mamo (a digital payments provider) will leverage Ripple Payments for faster, cost-effective transactions.
- Regulatory Milestone: The DFSA license, secured in March 2025, allows Ripple to operate as a licensed payments provider in Dubai’s financial free zone.
- Global Reach: Ripple Payments now serves over 90 markets, processing more than $70 billion in volume worldwide.
Why This Matters
Ripple’s expansion addresses growing demand for efficient cross-border payments, particularly in regions like the UAE, where digital finance adoption is accelerating. By integrating blockchain technology, Ripple reduces reliance on legacy systems, offering:
- Near-instant settlements (vs. traditional 3–5 day delays).
- Lower fees through optimized liquidity solutions.
- Optional use of XRP as a bridge currency via its On-Demand Liquidity (ODL) service.
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Ripple’s Strategic Partnerships
Zand Bank: Pioneering Digital Finance
Zand Bank, known for its innovation in UAE banking, plans to launch an AED-backed stablecoin in collaboration with Ripple. Chirag Sampat, Head of Treasury and Markets, emphasized the partnership’s role in advancing the bank’s digital asset strategy.
Mamo: Enhancing Cross-Border Payments
Mamo’s CEO, Imad Gharazeddine, highlighted Ripple’s ability to deliver “faster and more reliable” transactions for businesses scaling in the UAE—a critical need for the region’s booming fintech sector.
Market Impact and XRP Performance
Despite Ripple’s progress, XRP prices dropped 3.5% in 24 hours amid a broader crypto market correction. Analysts attribute this to macroeconomic factors rather than Ripple-specific developments.
FAQ Section
Q: How does Ripple’s DFSA license benefit customers?
A: It ensures regulatory compliance, enabling Ripple to offer secure, institutional-grade payment solutions in Dubai and globally.
Q: Is XRP required to use Ripple Payments?
A: No. While XRP can be used via ODL, clients can opt for fiat-only transactions.
Q: Which markets currently support Ripple Payments?
A: Major regions include the U.S., Brazil, Australia, Switzerland, Mexico, and the UAE.
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Ripple’s UAE expansion underscores its commitment to bridging traditional finance with blockchain efficiency, setting a benchmark for cross-border payment innovation.
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