Ripple has added two new partners in the United Arab Emirates as the crypto firm continues to expand its presence in the region’s financial sector.
The company announced on Monday that Zand Bank and fintech firm Mamo will integrate Ripple Payments, its blockchain-powered cross-border payments platform.
The announcement follows Ripple’s approval earlier this year by the Dubai Financial Services Authority (DFSA), making it the first blockchain-enabled payments provider licensed to operate in the Dubai International Financial Centre.
Ripple Cleared to Offer 24/7 Global Payments After Regulatory Win
The regulatory milestone allows Ripple to offer full end-to-end payment services, including instant settlement and 24/7 fund transfers.
“Securing our DFSA license enables Ripple to better serve the demand for solutions to the inefficiencies of traditional cross-border payments, such as high fees, long settlement times, and lack of transparency, in one of the world’s largest cross-border payments hubs,” said Reece Merrick, Ripple’s Managing Director for the Middle East and Africa.
The addition of Zand Bank and Mamo signals a shift in how institutions in the UAE are approaching digital finance.
Zand Bank, which holds a full banking license, is incorporating blockchain and AI into its services.
Chirag Sampat, the bank’s Head of Treasury and Markets, confirmed that the institution plans to launch an AED-backed stablecoin, further expanding the country’s blockchain footprint.
Mamo, a Dubai-based financial technology company, is also leaning into blockchain to meet the country’s rapidly growing business landscape.
CEO Imad Gharazeddine noted that the UAE is projected to host over a million businesses by 2030, and emphasized the need for fast, reliable financial services.
“Our partnership with Ripple is a big step forward. It allows us to offer faster, more reliable cross-border payments for both businesses and consumers,” Gharazeddine said.
Ripple’s technology supports 90+ payout markets, covering more than 90% of the world’s daily foreign exchange volume.
The firm says it has processed over $70 billion in payments globally and holds more than 60 licenses and registrations, including regulatory approval in the U.S., Brazil, Mexico, Australia, Switzerland, and now Dubai.
UAE Continues to Attract Crypto Firms
The move comes as the UAE continues to position itself as a regional hub for blockchain innovation and crypto finance, with regulatory clarity attracting major global players.
As reported, a state-backed investment firm in Abu Dhabi is set to make a $2 billion investment into crypto exchange Binance using USD1, a stablecoin developed by World Liberty Financial — a crypto venture closely tied to the Trump family.
Experts claim the UAE is poised to become a key destination for crypto and stablecoin ventures seeking refuge from the European Union’s (EU) newly implemented Markets in Crypto-Assets (MiCA) regulation.
The regulatory framework, which took full effect on December 30, is creating significant challenges for crypto firms within the 27-member bloc, prompting many to consider relocating, according to industry experts.
Among its stringent requirements, small stablecoin issuers must hold 30% of their reserves in low-risk EU-based commercial banks, while major players like Tether face a mandate to maintain 60% or more in similar institutions.
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