Key Takeaways
- Ripple partners with UAE-based Zand Bank and MamoPay to expand its blockchain payment network.
- The expansion follows Ripple’s DFSA license approval in March, enabling it to offer digital asset services in Dubai.
- The UAE continues to attract crypto and fintech firms thanks to supportive regulation and a growing appetite for blockchain solutions.
Ripple is continuing its international push, this time in the UAE, with two new payment partnerships aimed at improving cross-border transfers using blockchain.
The crypto payments firm has joined forces with MamoPay, a local digital wallet provider, and Zand Bank, a UAE-based digital bank, to power faster and cheaper international payments.
Both companies will integrate Ripple Payments into their infrastructure to streamline remittances and business transfers.
Dubai License Paves the Way for Growth
This regional expansion comes just two months after Ripple secured in-principle approval for a license from the Dubai Financial Services Authority (DFSA).
The license gives Ripple the green light to offer digital asset services within the Dubai International Financial Centre (DIFC).
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, said the partnerships with Zand and Mamo are “a testament to the momentum” created by the firm’s new regulatory standing.
According to recent data, around 64% of finance executives in the Middle East and Africa are turning to blockchain for faster payment and settlement times, highlighting the growing demand for modern alternatives to legacy systems.
Ripple Quietly Builds Global Payment Rails
Despite an ongoing legal case in the U.S. with the Securities and Exchange Commission (SEC), Ripple has steadily grown its global payment network, signing on banks and fintech firms across multiple regions.
The firm’s blockchain-based solution uses XRP and the XRP Ledger to facilitate currency conversion and settlement in near real-time.
This technology enables businesses to bypass slow, costly traditional systems like SWIFT, particularly for cross-border payments.
Ripple’s infrastructure is now live in several markets, including the U.S., Brazil, Mexico, Switzerland, Australia, and now, the UAE.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
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