Quick Summary
- Ripple partners with Zand Bank and Mamo to strengthen its presence in the UAE.
- The collaboration supports blockchain-based cross-border payments using Ripple Payments.
- Ripple now has over 60 global regulatory approvals and processes $70B+ in transactions.
- Recently licensed by the Dubai Financial Services Authority (DFSA) to operate in DIFC.
- Zand Bank plans to launch an AED-backed stablecoin to enhance transaction speed.
- Mamo sees the partnership as a gateway for UAE businesses to expand globally.
Ripple’s Strategic Expansion into the UAE
Ripple is making major strides in the Middle East with its latest partnerships with Zand Bank—the UAE’s first fully digital bank—and fintech firm Mamo. This move is a part of Ripple’s broader effort to bring its blockchain-powered payment solutions to more financial institutions and consumers in the region.
The announcement, made on May 19, reflects Ripple’s increasing momentum in expanding its Ripple Payments platform, which already processes over $70 billion in transactions and boasts more than 60 regulatory approvals worldwide.
A Regulatory Win in Dubai
Earlier this year, in March, Ripple achieved a major milestone by becoming the first blockchain-enabled payment company to receive full licensing approval from the Dubai Financial Services Authority (DFSA). This gives Ripple the authority to operate in the Dubai International Financial Centre (DIFC), further solidifying its regional presence.
“Now, with our new DFSA license, we’re able to manage payments end-to-end in the UAE—transferring funds globally, anytime, with near-instant settlement,” said Reece Merrick, Managing Director for the Middle East and Africa at Ripple.
What Zand and Mamo Bring to the Table
Zand Bank is aiming to lead the charge in blockchain adoption in the UAE banking sector. With a full banking license and digital-first approach, Zand plans to introduce an AED-backed stablecoin, reinforcing its mission to offer institutional-grade blockchain solutions and digital asset services.
Mamo, a UAE-based consumer-centric fintech, views this partnership as a game-changer for small businesses and individuals.
“Ripple’s blockchain-backed settlements will permit UAE businesses to grow internationally,” said Imad Gharazeddine, CEO of Mamo.
The Bigger Picture
These collaborations highlight a growing demand in the UAE and the broader Middle East for efficient, secure, and scalable alternatives to traditional payment rails. Ripple’s entry, backed by regulation and strong local partnerships, positions it as a key infrastructure provider for the next generation of financial services in the region.