Ripple has announced new partnerships with UAE-based Zand Bank and fintech firm Mamo to expand its payments service in the Middle East.

This is the firm’s latest strategic move following its licensing approval from the Dubai Financial Services Authority (DFSA).

The collaborations will enable Zand Bank and Mamo to integrate Ripple’s blockchain-based infrastructure into their payment systems. This is expected to improve cross-border transactions’ speed, cost-efficiency, and transparency.

Ripple’s payment platform now serves over 90 global markets, giving it near-total access to daily foreign exchange flows. The company currently processes over $70 billion in volume, reflecting its expanding role in the global payments ecosystem.

Meanwhile, Zand Bank is also developing an AED-backed stablecoin to support faster settlements and seamless transfers in the UAE’s growing digital economy.

Ripple’s Managing Director for the Middle East and Africa, Reece Merrick, said the DFSA license empowers Ripple to address major payment bottlenecks in the region, such as high costs, delayed settlement, and limited transparency.

He described the new partnerships as evidence of the momentum Ripple is gaining in one of the world’s largest cross-border payment hubs.

UAE positions itself as a crypto payments leader

The Middle East, especially the UAE, is showing an increasing appetite for blockchain-powered financial infrastructure.

Ripple, citing its internal research, reported that 64% of the region’s financial decision-makers prioritize speed as the key driver for adopting digital asset solutions in cross-border payments.

According to the firm, this has led to a noticeable demand for its payments solution from crypto-native firms and traditional financial institutions across the region.

Merrick highlighted the UAE’s leadership role in fostering crypto innovation through supportive regulations that allow companies to capitalize on blockchain’s potential to modernize traditional payment rails.

Imad Gharazeddine, CEO and co-founder of Mamo, echoed this sentiment and noted that the innovation-friendly regulatory environment would attract more firms to the region.

He said:

“The UAE is on an incredible growth path, with over a million businesses expected to call it home by 2030.”

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Filed under: Bitcoin - @ May 19, 2025 11:20 am