Ripple Expands Its Blockchain-Based Cross-Border Payments Platform Into UAE

Ripple said it signed on two new UAE-based customers, Zand Bank and Mamo, as it expands Ripple Payments, the firm's blockchain-based cross-border payments platform, in the region.

Ripple has announced partnerships with two UAE-based customers, Zand Bank and Mamo, to expand its cross-border payments platform, Ripple Payments, in the region.

The agreements come after Ripple secured a license from the Dubai Financial Services Authority (DFSA) in March, permitting it to manage global payments fully for banks, fintechs, and crypto firms.

“Securing our DFSA license enables Ripple to better serve the demand for solutions to the inefficiencies of traditional cross-border payments,” said Reece Merrick, managing director for Middle East and Africa at Ripple.

Zand Bank highlighted the partnership's alignment with its focus on digital finance initiatives.

“We are excited to soon launch an AED-backed stablecoin to foster innovation in the digital economy and provide value to the banking ecosystem in the UAE,” added Chirag Sampat, head of treasury and markets at Zand Bank.

Imad Gharazeddine, CEO and co-founder of Mamo, expressed enthusiasm for integrating Ripple's services to expand their offerings.

“Using Ripple's services allows Mamo to offer faster and more reliable cross-border payments for both businesses and consumers looking to scale their UAE operations and integrate seamlessly with the global economy,” said Gharazeddine.

Annually processing over $70 billion in volume with a presence in over 90 payout markets, Ripple Payments is currently operational in Dubai, the U.S., Brazil, Mexico, Australia, and Switzerland.

Leveraging a global network of payout partners and its blockchain infrastructure, Ripple aims to facilitate rapid money movement within minutes. In certain instances, Ripple also utilizes its native digital asset, XRP, as a bridge currency through its On-Demand Liquidity (ODL) service, enabling clients to perform instant fiat-to-fiat conversions using the token.

In the past 24 hours, XRP prices have declined by 3.5% amid a broader market downturn, while the CoinDesk 20 Index has slipped by 3.4%.