In a major development for the future of cross-border payments in the Middle East, Ripple has announced its first two clients in the UAE — Zand Bank and Mamo — following its recent licensing by the Dubai Financial Services Authority (DFSA). This milestone marks a pivotal moment in the region’s financial evolution, positioning blockchain-powered transactions at the heart of a rapidly digitizing economy.
A Regulatory Green Light for Innovation
On March 2025, Ripple became the first blockchain-enabled payments provider to receive formal authorization from the Dubai Financial Services Authority (DFSA). This landmark license allows Ripple to operate end-to-end cross-border payment services within the Dubai International Financial Centre (DIFC), offering financial institutions a compliant, secure, and efficient infrastructure for moving value globally.
With this regulatory approval, Ripple can now manage international payments 24/7/365, settling transactions in minutes rather than days. The traditional pain points of high fees, opaque processes, and delayed settlements are being replaced with transparency, speed, and reliability — all powered by blockchain technology and digital assets.
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Zand Bank: Pioneering Institutional-Grade Blockchain Integration
As one of the UAE’s most innovative digital banks, Zand Bank holds a full banking license and is committed to redefining financial services through technology. By integrating Ripple’s blockchain-enabled payments solution, Zand Bank is enhancing its ability to deliver fast, secure, and transparent cross-border transactions.
Chirag Sampat, Head of Treasury and Markets at Zand Bank, emphasized the strategic importance of this collaboration:
“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.”
This upcoming AED-backed stablecoin could revolutionize domestic and regional transactions, providing businesses and individuals with a stable, digitally native form of the UAE’s currency. It also signals a broader shift toward tokenized assets — a trend gaining momentum across global financial hubs.
Mamo: Democratizing Global Payments for Businesses
Meanwhile, Mamo, a fast-growing fintech platform serving businesses and consumers across the UAE, is leveraging Ripple’s infrastructure to simplify international payments. With over a million businesses projected to operate in the UAE by 2030, demand for frictionless cross-border solutions has never been higher.
Imad Gharazeddine, CEO and co-founder of Mamo, shared his vision:
“The UAE is on an incredible growth path… At Mamo, we're proud to be at the forefront of this journey making global payments simpler and more accessible for everyone. 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.”
By embedding Ripple’s technology, Mamo can now provide near-instant settlements, reduced transaction costs, and real-time tracking — key features that empower SMEs to compete in global markets without traditional banking bottlenecks.
Why the UAE Is Becoming a Blockchain Finance Hub
The UAE has emerged as a leading jurisdiction for fintech innovation, thanks to forward-thinking regulation, strong government support, and a strategic geographic location connecting East and West. Dubai’s proactive approach to regulating digital assets — exemplified by the DFSA’s licensing framework — has created a trusted environment where blockchain companies can operate legally and securely.
This regulatory clarity is attracting global players like Ripple, who see immense potential in the region’s growing digital economy. According to Ripple’s 2025 New Value Report, 64% of finance leaders in the Middle East and Africa (MEA) cite faster settlement times as the primary driver for adopting blockchain-based currencies in cross-border payments.
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Ripple’s Global Reach and Digital Asset Infrastructure
Ripple isn’t just expanding in the UAE — it’s scaling globally. Its Ripple Payments solution offers near-universal coverage with over 90 payout markets, representing more than 90% of daily foreign exchange activity. To date, the platform has processed over $70 billion in transaction volume.
What sets Ripple apart is its compliance-first approach. With 60+ regulatory licenses and registrations worldwide — including in the U.S., Brazil, Mexico, Australia, Switzerland, and now Dubai — Ripple provides financial institutions with a trusted foundation for innovation.
Its digital asset infrastructure supports:
- Tokenization of currencies and assets
- Secure storage and custody solutions
- Real-time exchange and settlement
- Seamless integration with existing banking systems
This makes it easier than ever for banks and fintechs to adopt blockchain technology without compromising on security or compliance.
Frequently Asked Questions (FAQ)
Q: What does Ripple’s DFSA license allow it to do?
A: The DFSA license permits Ripple to offer end-to-end blockchain-based cross-border payment services within the Dubai International Financial Centre (DIFC), enabling faster, transparent, and compliant fund transfers 24/7.
Q: How do Zand Bank and Mamo benefit from using Ripple?
A: Both institutions gain access to faster settlement times (in minutes), lower transaction costs, increased transparency, and enhanced scalability for international operations — critical advantages in a fast-growing market like the UAE.
Q: What is an AED-backed stablecoin, and why does it matter?
A: An AED-backed stablecoin is a digital currency pegged 1:1 to the UAE dirham. It enables instant, low-cost transactions across borders while maintaining price stability — a key step toward modernizing the country’s financial infrastructure.
Q: Is Ripple using XRP in these UAE transactions?
A: While Ripple’s network supports XRP for liquidity purposes, individual use cases depend on partner needs. In many cases, transactions may utilize local currencies or stablecoins rather than XRP directly.
Q: How widespread is Ripple’s payment network globally?
A: Ripple Payments operates in over 90 markets worldwide, covering more than 90% of daily FX volume. It is now officially licensed in key jurisdictions including Dubai, the U.S., Switzerland, Brazil, Mexico, and Australia.
Q: Can other banks in the UAE join Ripple’s network?
A: Yes. With Ripple now DFSA-licensed, other financial institutions in the UAE can integrate its blockchain-enabled payment solutions to improve efficiency, reduce costs, and serve customers better.
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The Road Ahead for Blockchain in Finance
Ripple’s entry into the UAE market isn’t just about one company or two partnerships — it’s a signal of a broader transformation underway. As more countries embrace clear regulations for digital assets, blockchain technology is moving from fringe innovation to core financial infrastructure.
With Zand Bank and Mamo leading the charge in the UAE, other institutions are likely to follow. The combination of regulatory trust, technological readiness, and rising demand for better payment experiences creates fertile ground for long-term growth.
As global cross-border payments continue to expand — driven by e-commerce, remote work, and digital trade — solutions like Ripple’s will play an increasingly vital role in shaping the future of money movement.
The message is clear: the future of finance is digital, decentralized, and already here.