Ripple has announced a partnership with two Dubai-based financial institutions, Zand Bank and Mamo. The collaboration will enable them to leverage Ripple’s cross-border payment technology.
This marks the company’s major expansion into the region, where efforts to adopt blockchain technology are growing to fuel economic development.
How Ripple’s Tech is Revolutionizing Payments in Dubai
According to the official press release, artificial intelligence (AI)-driven Zand Bank and fintech firm Mamo will utilize Ripple Payments. This blockchain-powered solution facilitates 24/7 cross-border transactions. By streamlining settlement processes, it is designed to enhance efficiency and speed.
Ripple Payments offers near-global reach, with access to over 90 payout markets worldwide. The platform handles more than $70 billion in transaction volume annually, highlighting its scalability and reliability.
“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. Our collaboration with Ripple highlights our commitment to empowering global payment solutions through blockchain technology,” Chirag Sampat, Head of Treasury and Markets at Zand Bank, commented.
Zand Bank, the UAE’s first digital-only bank, also revealed plans to launch a stablecoin pegged to the UAE dirham (AED). This initiative aims to bolster local digital payment capabilities, offering a stable and efficient transaction medium within the UAE’s growing digital economy.
Mamo, a fintech firm focused on simplifying payments for businesses and consumers, will similarly benefit from Ripple’s technology to expand its service offerings.
“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,” Mamo’s CEO, Imad Gharazeddine, said.
Notably, Ripple’s partnership builds on its earlier strategic move to secure a license from the Dubai Financial Services Authority (DFSA). The March 2025 approval allows the company to offer crypto payment services within the Dubai International Finance Centre (DIFC).
This regulatory milestone complements Ripple’s existing footprint across key markets, including the United States, Brazil, Mexico, Australia, and Switzerland. With over 60 regulatory licenses and registrations worldwide, Ripple continues strengthening its position as a trusted partner for financial institutions.
Despite its global expansion, Ripple faces ongoing challenges. Last week, Judge Analisa Torres denied a joint motion from Ripple and the US Securities and Exchange Commission (SEC) in their long-running legal dispute, citing procedural concerns.
This has also impacted XRP’s price. Over the past week, the altcoin was down 4.4%.
Moreover, BeInCrypto data showed that the value has declined by 3.2% in the past day. At the time of writing, XRP’s trading price was $2.3.
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