Ripple Labs has announced new partnerships in the UAE, including with digital bank Zand Bank and fintech company Mamo. Both firms will implement Ripple Payments’ blockchain solution for processing international transfers. This became possible after Ripple received a license from the Dubai Financial Services Authority, the press release said.

The statement also said that Ripple Payments combines blockchain, digital assets and a global network of partners. In addition, the platform allows customers to make cross-border transfers 24/7, which, according to the company, reduces costs and friction in the transaction processing process.

Ripple’s managing director for the Middle East and Africa, Rhys Merrick, noted that “the DFSA license has strengthened the firm’s position in the market and allows it to better respond to the demand for fast and transparent payment solutions.”

Zand Bank representatives said that the cooperation with Ripple is in line with the bank’s policy of developing the digital economy, and also announced the launch of a stablecoin pegged to the UAE dirham. Mamo emphasized that thanks to the partnership with Ripple, they will be able to provide faster and more reliable payments for businesses and consumers across the country.

It should be noted that the licensed Ripple payment solution is currently available in Dubai, the United States, Brazil, Mexico, Australia and Switzerland.

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