Ripple is revolutionizing cross-border finance in the UAE, launching a project with Zand and Mamo just a few months after receiving groundbreaking regulatory approval, enabling real-time payments using blockchain technology.
Ripple Payments gains its first significant foothold in the UAE through integration with Zand and Mamo.
Ripple announced on May 19 that Zand Bank and Mamo have become the first clients in the United Arab Emirates (UAE) to adopt its blockchain-based payment platform, Ripple Payments. The announcement followed the company receiving a license from the Dubai Financial Services Authority (DFSA) in March 2025, making Ripple the first blockchain-based payment provider to obtain such approval in the region. The company described:
As the first blockchain-based payment provider to receive a license from the Dubai Financial Services Authority (DFSA), Ripple has established a partnership with Zand Bank and Mamo, who will use Ripple's solution for blockchain-based cross-border payments.
By combining its new regulatory status with blockchain infrastructure, Ripple is now poised to facilitate cross-border payments with full capabilities. 'This functionality, combined with the new DFSA license, enables Ripple to manage payments from start to finish on behalf of its clients, moving funds globally 24/7/365 and settling in minutes - reducing time and friction, while significantly enhancing the efficiency of moving value in and out of the UAE,' Ripple detailed.
Ripple's expansion in the Middle East and Africa is gaining momentum due to regulatory clarity support in the UAE and partnerships with regional financial companies. Rhys Merrick, Managing Director of Ripple in the region, stated that the company's license from the Dubai Financial Services Authority allows it to better address the inefficiencies of traditional cross-border payments.
The Head of Treasury and Markets at Zand Bank, Chirag Sampat, described the bank's alliance with Ripple as part of a broader strategy for digital innovation and noted plans to launch a stablecoin backed by UAE dirhams. Fintech company Mamo also highlighted the benefits of the integration. CEO and co-founder Imad Garazeddin stated that the partnership will enhance the speed and reliability of cross-border payments for both businesses and consumers. Ripple Payments is now operating in over 90 payouts and has processed over $70 billion in global transaction volume.
