Ripple partners with Zand Bank and Mamo to expand its blockchain payment services in the UAE.
Ripple XRP $2.09 24h volatility: 0.3% Market cap: $127.09 B Vol. 24h: $3.92 B is currently expanding its services into the UAE after being licensed by the local financial authority, the Dubai Financial Services Authority (DFSA). The blockchain infrastructure company disclosed that it was partnering with two additional clients that have opted to use Ripple payments in their systems.
UAE-based financial institutions Zand Bank and Mamo have partnered with Ripple, integrating its blockchain-powered international payment solution into their systems.
With Ripple’s newly acquired license from the Dubai Financial Services Authority (DFSA), the company can now oversee the entire payment process for its clients, including those in the crypto and fintech sectors. This enables Zand Bank and Mamo to offer seamless, around-the-clock global fund transfers, completing transactions within minutes.
Ripple Payments reduces delays and complexity, greatly improving the efficiency of moving money into and out of these countries through the use of payout partners and blockchain infrastructure.
Ripple’s Managing Director for the Middle East and Africa, Reece Merrick noted, “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.”
Merrick added that as the cross-border payments market grows, the UAE has continuously shown itself to value the growth of cryptocurrencies, and as a result, the country and local firms will benefit from it.
The Head of Treasury and Markets at Zand Bank, Chirag Sampat was excited about the partnership and noted that they intend to “launch an AED-backed stablecoin, designed to further enhance seamless and efficient transactions in the rapidly evolving digital economy.”
Ripple Payments Partnerships
The UAE financial market is not the only one with access to Ripple Payments. This infrastructure is available in at least 90 markets and is currently being utilized by firms in the U.S., Mexico, Switzerland, Brazil, and Australia.
Earlier this year, Ripple expanded into the Portuguese market through a partnership with Unicambio. This collaboration enables Unicambio’s institutional clients to conduct secure, cost-effective, and fast transactions using Ripple Payments.
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