- Ripple’s licensing from DFSA enables full cross-border payment operations within the UAE financial sector.
- Zand Bank will integrate Ripple’s blockchain solution and introduce a stablecoin backed by the UAE dirham.
- Mamo will use Ripple Payments to help small businesses and individuals access faster global transactions.
Ripple has expanded its presence in the United Arab Emirates by partnering with Zand Bank and fintech firm Mamo. Both institutions will begin using Ripple Payments, a blockchain-based solution for cross-border transactions. The announcement came on May 19, following Ripple’s approval to operate under Dubai’s financial regulatory framework.
Earlier in March, Ripple became the first blockchain-enabled payments company to receive full licensing from the Dubai Financial Services Authority. The license allows Ripple to operate in the Dubai International Financial Centre, offering it the authority to manage transactions end-to-end within the UAE.
Zand Bank to launch AED-backed stablecoin
Zand Bank, the UAE’s first fully digital bank with a full banking license, confirmed it will integrate Ripple Payments to improve the speed and transparency of both domestic and international transactions. The bank also announced plans to issue a stablecoin pegged to the UAE dirham, aiming to support faster settlements and institutional digital asset services.
Fintech platform Mamo, known for serving individuals and small businesses in the UAE, will also utilize Ripple’s platform. The partnership supports Mamo’s goal to make global payments faster and easier for customers. CEO Imad Gharazeddine stated that the blockchain integration will help local businesses expand internationally with improved settlement processes.
Ripple strengthens Middle East strategy with regional growth
Ripple is actively expanding in the Middle East. The company is in talks with UAE authorities on stablecoin regulations and blockchain integration within national financial infrastructure. It is also preparing to launch crypto brokerage Hidden Road in Abu Dhabi after a $1.25 billion acquisition in April.
With more than $70 billion processed through Ripple Payments and over 60 regulatory clearances globally, Ripple continues positioning itself as a key infrastructure provider in blockchain finance. The company’s internal research shows that over 60% of finance leaders in the Middle East and Africa see faster settlements as the primary reason for adopting blockchain-based solutions.
