Ripple, a leading provider of digital asset infrastructure, on Monday announced partnership with Zand Bank, the UAE’s first fully digital bank, and Mamo, a growing fintech company. The partnership aims to strengthen Ripple’s position in the United Arab Emirates (UAE), as both institutions adopt Ripple Payments for cross-border transactions.
The announcement follows Ripple’s March 2025 achievement of becoming the first blockchain-enabled payments provider licensed by the Dubai Financial Services Authority (DFSA).
The DFSA license allows the firm to manage end-to-end global payments, including on- and off-ramps for banks, fintechs, and crypto companies. This new capability enables global fund movement with near-instant settlement to address long-standing pain points in traditional international remittances, such as high fees, long processing times, and a lack of transparency.
“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,” said Reece Merrick, Managing Director, Middle East and Africa, at Ripple. “Our new partnerships with Zand Bank and Mamo are testament to the momentum that the license has created for our business.”
Digital banking and fintech players embrace blockchain
Zand Bank, a pioneer in digital banking, said the collaboration with Ripple aligns with its mission to integrate blockchain and artificial intelligence (AI) into financial services. The bank plans to launch an AED-backed stablecoin to streamline domestic and international payments further.
“As a pioneering financial institution with a full-fledged banking license, Zand Bank is paving the way for a stronger digital economy by offering innovative financial products as well as AI and blockchain solutions alongside our institutional-grade digital asset custodial services,” said Chirag Sampat, Head of Treasury and Markets at Zand Bank. “Our collaboration with Ripple highlights our commitment to empowering global payment solutions through blockchain technology. Moreover, we are excited to soon launch an AED-backed stablecoin, designed to further enhance seamless and efficient transactions in the rapidly evolving digital economy.”
Likewise, Mamo, focused on simplifying global payments for businesses and individuals in the UAE, will utilize Ripple’s platform to deliver faster and more reliable transactions. The company emphasized the partnership's role in supporting local enterprises as they expand internationally.
“The UAE is on an incredible growth path, with over a million businesses expected to call it home by 2030. At Mamo, we're proud to be at the forefront of this journey making global payments simpler and more accessible for everyone,” said Imad Gharazeddine, CEO and co-founder of Mamo. “Our partnership with Ripple is a big step forward. It allows us to offer faster, more reliable cross-border payments for both businesses and consumers, helping companies across the UAE scale with confidence.”
Ripple strengthens regional presence
Ripple’s expansion in the UAE builds on its regional headquarters in Dubai, launched in 2020. Since then, the company has continued to collaborate with local regulators and industry leaders, including participation in the Dubai International Financial Center’s (DIFC) Innovation Hub. Ripple Payments now operates in over 90 global payout markets and has processed more than $70 billion in volume.
“As the global cross-border payments market grows, the leadership demonstrated by authorities in the UAE to create a supportive environment for crypto innovation has positioned the nation and its native companies to benefit from the transformative power of blockchain technology to drive efficiency and innovation in payments,” Merrick added.
According to Ripple’s 2025 New Value Report, 64 percent of finance leaders in the Middle East and Africa see faster settlement times as the primary reason for adopting blockchain in cross-border payments.
