Ripple has broadened its footprint in the UAE by partnering with two new entities: Zand Bank and fintech firm Mamo, both of which will utilize its blockchain-based cross-border payments platform.
According to a press release following Ripple’s recent initiative to strengthen its presence in the Middle East, in March 2025, Ripple became the first blockchain-enabled payment company to obtain full licensing approval from the Dubai Financial Services Authority. This approval allows Ripple to operate within the Dubai International Financial Center.
Zand Bank and Mamo will implement Ripple Payments, a solution that connects a global network of payout partners, employing blockchain and digital assets to deliver faster, more cost-effective, and transparent international transfers. These partnerships indicate a growing momentum in the region for blockchain-powered payments, especially as traditional financial institutions and fintech companies seek to enhance efficiency and settlement times.
“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,” said Reece Merrick, Ripple’s Managing Director for the Middle East and Africa. “Our partnerships with Zand and Mamo reflect the strong demand for efficient, blockchain-based alternatives to legacy payment rails.”
Read more: Ripple secures Dubai license to offer crypto payments in UAE
Enhancing blockchain-powered transactions
Zand Bank, recognized as the UAE’s first fully digital bank with a banking license, stated that this partnership aligns with its aim to provide institutional-grade blockchain solutions and digital asset services. To enhance the speed of both domestic and international transactions, the bank also announced plans to launch a stablecoin backed by AED.
For Mamo, a consumer-focused fintech, this collaboration supports its mission to simplify global payments for businesses and individuals based in the UAE. Chief Executive Officer Imad Gharazeddine emphasized that Ripple’s blockchain-powered settlements will allow UAE businesses to expand internationally “with confidence.”
This expansion aligns with Ripple’s broader strategic initiatives in the region. The company is actively engaging with UAE regulators regarding stablecoin policy and the integration of blockchain into the national financial infrastructure. Additionally, Ripple is preparing for the Abu Dhabi launch of Hidden Road, the crypto brokerage it acquired for $1.25 billion in April.
With $70 billion in transactions processed through Ripple Payments and over 60 regulatory approvals globally, the company is positioning itself as a major infrastructure provider for blockchain-based financial services in the Middle East and beyond. Ripple’s surveys indicate that more than 60 percent of MEA finance leaders view faster settlement as a crucial factor for adopting blockchain in payments.
