Ripple has expanded its operations in the UAE by onboarding Zand Bank and fintech firm Mamo to its blockchain-based cross-border payments platform.
As confirmed in a May 19 press release, these partnerships reinforce Ripple’s broader strategy to deepen its presence across the Middle East.
Ripple Payments momentum is building in the UAE. 🇦🇪 https://t.co/gFiwxXWfM5
Following our DFSA license, Zand Bank and @MamoPay are now live on Ripple Payments—bringing always-on, blockchain-powered cross-border payments to one of the world’s top remittance hubs.
— Ripple (@Ripple) May 19, 2025
This move follows Ripple’s significant regulatory milestone in March 2025, when it became the first blockchain-enabled payments company to secure full licensing approval from the Dubai Financial Services Authority. This license authorizes Ripple to operate within the Dubai International Financial Centre (DIFC), enhancing its ability to serve clients across the region.
Zand Bank and Mamo will now leverage Ripple Payments. This platform connects a global network of payout partners while utilizing blockchain technology and digital assets to facilitate faster, cheaper, and more transparent cross-border transfers. These partnerships highlight the growing adoption of blockchain payment solutions in the region, as traditional banks and fintech companies seek to improve efficiency and speed up settlement times.
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, emphasized the importance of these developments, stating,
“With our new DFSA license, we can now manage payments end-to-end in the UAE—moving funds globally, 24/7, with near-instant settlement. Our partnerships with Zand and Mamo reflect the strong demand for efficient, blockchain-based alternatives to legacy payment rails.”
Zand Bank, the UAE’s first fully digital bank, is partnering to enhance its blockchain solutions and digital asset services. It plans to launch a stablecoin pegged to the AED to improve transaction speed. Meanwhile, Mamo, a fintech focused on simplifying global payments, aims to use Ripple’s blockchain for international settlements, allowing UAE companies to expand confidently.
In a related development, Ripple announced its $1.25 billion acquisition of Hidden Road, a global prime brokerage firm. This deal marks one of the largest transactions in the digital assets sector and establishes Ripple as the first crypto company to own and operate a multi-asset prime broker.
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