Ripple has inked agreements with Zand Bank and Mamo, two burgeoning financial entities in the United Arab Emirates, as part of its strategic expansion of Ripple Payments across the region. This move, announced on May 19, 2025, underscores Ripple’s commitment to revolutionizing cross-border transactions through its blockchain-based platform, following the recent acquisition of a coveted license from the Dubai Financial Services Authority (DFSA).
A New Era for Cross-Border Transactions
Ripple’s latest partnerships with Zand Bank and Mamo are not just another notch in its belt. They signal a broader ambition to redefine how money moves across borders. “Securing our DFSA license enables Ripple to better serve the demand for solutions to the inefficiencies of traditional cross-border payments,” noted Reece Merrick, Ripple’s managing director for the Middle East and Africa. This sentiment captures the essence of a region increasingly leaning into digital finance as a transformative force.
For Zand Bank, this collaboration is a stepping stone toward realizing its digital finance aspirations. Chirag Sampat, head of treasury and markets at Zand, mentioned, “We are excited to soon launch an AED-backed stablecoin.” This development not only aligns with the bank’s goals but also highlights the UAE’s forward-thinking approach to financial innovation. As explored in our recent coverage of Ripple’s interest in stablecoin issuers, the move aligns with broader trends in the crypto space.
Meanwhile, Mamo’s CEO, Imad Gharazeddine, expressed enthusiasm about leveraging Ripple’s infrastructure to enhance transaction speed and reliability. “It’s about empowering businesses and consumers in the UAE with more efficient cross-border payment solutions,” he remarked. The partnership appears poised to offer tangible benefits to users looking to scale operations in the UAE’s dynamic market.
Ripple’s Expanding Footprint
Ripple Payments isn’t new to the game. The platform, operational in over 90 payout markets, has already processed an impressive $70 billion in global transaction volume. Its presence in financial hubs like Dubai, the U.S., Brazil, Mexico, Australia, and Switzerland positions it as a formidable player in the fintech landscape.
The backbone of Ripple’s success lies in its robust network of payout partners and cutting-edge blockchain technology. By facilitating transactions in mere minutes and utilizing its native digital asset, XRP, as a bridge currency through the On-Demand Liquidity (ODL) service, Ripple offers clients a seamless way to convert fiat currencies. It’s a game-changer for those weary of the sluggishness of traditional banking systems.
Despite these advancements, XRP hasn’t been immune to market fluctuations, experiencing a 3.5% drop in the past 24 hours amid a wider market downturn, as reflected by the CoinDesk 20 Index’s 3.4% dip. This volatility raises questions about the token’s resilience and the broader crypto market’s stability.
Navigating the Future
As Ripple fortifies its presence in the UAE, the broader implications for the region’s financial ecosystem are significant. By providing a more agile and efficient payment infrastructure, Ripple is not only challenging the status quo but also setting a precedent for other fintech companies eyeing the Middle East. This follows a pattern of institutional adoption, which we detailed in our analysis of Visa’s stablecoin initiatives.
However, the road ahead isn’t without its challenges. The fluctuating crypto market and regulatory hurdles remain key considerations for Ripple and its partners. The DFSA license is a crucial advantage, yet the evolving regulatory landscape will require vigilant navigation.
Moreover, the launch of Zand’s AED-backed stablecoin could serve as a bellwether for the adoption of digital currencies in the region. Will it gain traction among consumers and businesses? Only time will tell.
In the coming months, Ripple’s ability to adapt and innovate in response to these challenges will be pivotal. The partnerships with Zand Bank and Mamo mark a promising start, but the true test lies in Ripple’s capacity to deliver on its promises and sustain momentum in an ever-evolving financial world.
Source
This article is based on: Ripple Signs Two More Payment System Customers in UAE Expansion
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
