Ripple Expands its Services into the UAE, Partnering with Zand Bank and Mamo

This blockchain infrastructure company has been licensed by the Dubai Financial Services Authority (DFSA).

The Dubai Financial Services Authority (DFSA) has granted a payment services license to Ripple, allowing the company to provide its blockchain-powered international payment solutions to financial institutions in the United Arab Emirates (UAE).

This follows a previous announcement by the company in April, where it secured the license and began offering its services to crypto and fintech firms in the Gulf state.

Now, two UAE-based financial institutions, Zand Bank and Mamo, have integrated Ripple’s solutions into their systems.

Zand Bank, a bank focused on serving the emerging generation of customers in the UAE, and Mamo, a DFSA-licensed firm specializing in providing banking and payment services, will utilize Ripple Payments for seamless and efficient cross-border transactions.

This partnership will enable Zand Bank and Mamo to offer customers around-the-clock global fund transfers, with transactions completed within minutes.

Moreover, Zand Bank plans to launch an AED-backed stablecoin, further enhancing transactions in the digital economy.

“We are excited to partner with Zand Bank and Mamo to introduce innovative financial solutions that cater to the evolving needs of the market,” said Reece Merrick, Managing Director for the Middle East and Africa at Ripple.

“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. Our new partnerships with Zand Bank and Mamo are testament to the momentum that the license has created for our business.”

He added: “As the cross-border payments market continues to grow, the UAE has consistently demonstrated its commitment to fostering the development of cryptocurrencies, which will ultimately benefit both the country and local firms.”

Earlier this year, Ripple expanded its services into the Portuguese market through a partnership with Unicambio, a leading foreign exchange broker in the country.

This collaboration enables Unicambio's institutional clients to perform seamless and efficient cross-border transactions in multiple currencies using Ripple Payments.

The partnership also aims to introduce new and innovative financial solutions to the Portuguese market, leveraging the strengths of both companies.

This partnership follows Ripple's integration with Meta bank in March to bring cross-border payments to U.S. firms.

At least nine other firms, including Swiss BCB Bank and Australian BMO Financial Group, are currently using Ripple Payments for cross-border transactions.