Quick Summary
- Ripple is collaborating with Zand Bank and Mamo in order to fortify its establishment throughout the UAE.
- The team-up facilitates the usage of Ripple Payments that are based on the blockchain technology in making cross-border payments.
- Ripple currently possesses more than 60 regulatory decisions in diverse parts of the world and transacts over 70B+ dollars.
- Licensed just recently by the Dubai Financial Services Authority (DFSA) to conduct operations in DIFC.
- Zand Bank will introduce an AED-backed stablecoin that can accelerate the transaction tempo.
- Mamo views the alliance as an opportunity that would enable UAE enterprises to be global.
The Strategic Expansion of Ripple in UAE
The latest partnerships of Ripple with Zand bank — first fully digital UAE bank — and fintech company Mamo are going to be crucial steps in the Middle East. The step is one of the initiatives taken by Ripple to extend its blockchain-enabled payment services to other financial institutions and individuals in the region.
The news, revealed on May 19, shows that Ripple is gaining momentum on its mission to continue its growing Ripple Payments platform, which already exponents over 70 billion transactions and has been approved more than 60 times by regulators globally.
A Regulation Success in Dubai
In March earlier this year, Ripple passed a significant milestone becoming the first blockchain-facilitated payment company to gain a full license by the Dubai Financial Services Authority (DFSA). This will empower Ripple to conduct its business in the Dubai International Financial Centre (DIFC), further entrenching its existence in the region.
According to Reece Merrick, Managing Director in the Middle East and Africa at Ripple, under our new license by DFSA, we can now handle end-to-end payment in UAE, sending money across borders, at any time, with close to instant settlement.
What Zand and Mamo Bring to the Table
Zand Bank is vying to become the pioneer in terms of blockchain usage in the banking industry in the UAE. Possessing a full banking license and a digital-first strategy, Zand will launch an AED-based stablecoin, reconfirming its objective of providing institutions with the highest caliber blockchain tools and digital asset services.
Mamo is a UAE-based, consumer-first fintech that considers the collaboration as something that can change the game in favor of small enterprises and individuals.
Imad Gharazeddine, CEO of Mamo said Ripple-supported settlements based on blockchain will allow UAE companies to expand their businesses on the global scale.
The Large View
Such joint ventures are indicative of increasing demand in the UAE and the rest of the Middle East in need of efficient, secure, and scalable alternatives to historic payment rails. The entrance of Ripple which is well-supported by regulation and multiple personnel-level local partnerships in the region places it as important infrastructure providers of the next-generation of fintech services.
Final Thought
The new partnership with Zand Bank and Mamo is a monumental step in the adoption of blockchain technology within the mainstream banking and fintech sphere in the UAE, and potentially other countries that want to take advantage of faster and global payments using blockchain technology.