Catenaa, Sunday, May 25, 2025-Ripple announced partnerships with UAE-based Zand Bank and fintech firm Mamo to integrate Ripple Payments, its blockchain-driven cross-border payment platform, marking a significant expansion in the Middle East.
The announcement follows Ripple’s regulatory approval by the Dubai Financial Services Authority earlier this year, making it the first blockchain-enabled payments provider licensed in the Dubai International Financial Centre.
This license enables Ripple to offer 24/7 global payments with instant settlement, enhancing efficiency in cross-border transactions.
Zand Bank, a fully licensed UAE bank, plans to launch an AED-backed stablecoin, signaling increased blockchain adoption in the region.
Chirag Sampat, the bank’s Head of Treasury and Markets, emphasized blockchain and AI integration in their services.
Mamo CEO Imad Gharazeddine highlighted the partnership as crucial for supporting the UAE’s booming business landscape, projected to host over one million businesses by 2030.
Ripple’s technology currently supports more than 90 payout markets, covering over 90% of the world’s daily foreign exchange volume.
The firm has processed over $70 billion in payments and holds more than 60 global licenses, including approvals in the US, Brazil, Mexico, and Australia.
The UAE continues to attract crypto firms due to its clear regulatory framework, contrasting with the EU’s stringent Markets in Crypto-Assets regulation, which has challenged many crypto businesses.
