Ripple Integrates XRP with UAE Banks for Cross-Border Payments

Ripple Labs, Inc. has partnered with Zand Bank and Mamo in the UAE to incorporate XRP into their payment systems, aiming to streamline cross-border transactions.

Ripple's partnership with UAE financial institutions seeks to eliminate inefficiencies in traditional payment methods, notably reducing fees and settlement times.

Ripple has formed strategic partnerships with Zand Bank and Mamo, marking a milestone for XRP-driven payments. This move follows Ripple acquiring a license from the Dubai Financial Services Authority, enabling regulated cross-border transactions. These payments aim to be faster and more transparent.

"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." — Reece Merrick, Managing Director, Middle East & Africa, Ripple

The collaboration directly involves Ripple, Zand Bank, and Mamo, key players in the UAE's financial landscape. Ripple's blockchain-enabled solutions utilize XRP for rapid settlement and currency conversion. These agreements strengthen Ripple’s position in the Middle East financial market.