Ripple, the company behind the XRP cryptocurrency, has made a significant move in the Middle East by obtaining a license from the Dubai Financial Services Authority (DFSA) and partnering with local financial institutions. This expansion aims to revolutionize cross-border payments in the United Arab Emirates (UAE) using blockchain technology.
Ripple secures a DFSA license and partners with Zand Bank and Mamo to launch blockchain-based cross-border payments in the UAE
Securing Regulatory Approval
In March 2025, Ripple became the first blockchain-based payment provider to receive a license from the DFSA. This regulatory approval allows Ripple to offer its payment solutions within the Dubai International Financial Centre (DIFC), enabling the company to manage end-to-end payments for banks, fintechs, and crypto firms in the region.
Partnerships with Zand Bank and Mamo
Following the DFSA license, Ripple announced partnerships with two UAE-based financial institutions: Zand Bank and Mamo.
- Zand Bank: As the UAE's first all-digital bank, Zand Bank plans to integrate Ripple's blockchain-based payment solutions to enhance its digital finance offerings. The bank also announced plans to launch an AED-backed stablecoin, aiming to bolster the UAE's digital economy.
- Mamo: A fintech company specializing in digital payment platforms, Mamo will use Ripple's services to offer faster and more reliable cross-border payments for both businesses and consumers looking to scale their UAE operations.
Ripple Payments: Transforming Cross-Border Transactions
Ripple Payments is a platform that combines blockchain technology, digital assets, and a global network of payout partners to deliver fast, transparent, and reliable cross-border payments. The platform operates in over 90 markets and has processed more than $70 billion globally.
By leveraging this platform, Zand Bank and Mamo can offer near-instantaneous settlement times, reduced transaction costs, and enhanced transparency, addressing long-standing inefficiencies in traditional payment systems.
UAE's Position as a Crypto-Friendly Hub
The UAE has been proactive in embracing digital assets and blockchain technology. The country's regulatory framework has attracted numerous crypto and fintech firms, positioning the UAE as a leading hub for financial innovation.
According to Ripple's 2025 New Value Report, 64% of finance leaders in the Middle East and Africa see faster payments and settlement times as the biggest impetus for incorporating blockchain-based currencies into their cross-border payment flows.
Conclusion
Ripple's expansion into the UAE, marked by securing a DFSA license and partnering with Zand Bank and Mamo, signifies a major step in the adoption of blockchain technology for cross-border payments. As the UAE continues to foster a supportive environment for crypto innovation, Ripple's initiatives are poised to transform the region's financial landscape, offering faster, more efficient, and transparent payment solutions.
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