UAE-based digital bank Zand Bank and Mamo, a fintech company simplifying peer-to-peer and business payments in the UAE, have become the country’s first entities to leverage Ripple Payments.
Since securing licences from the Dubai Financial Services Authority (DFSA) in March 2025, Ripple, the digital asset infrastructure provider, has established partnerships with Zand Bank and Mamo to utilise its blockchain-enabled cross-border payments solution.
Ripple Payments employs blockchain, digital assets, and a global network of payout partners to deliver transparent, reliable cross-border payments and on/off ramps for banks, crypto companies, and fintechs worldwide.
This functionality, paired with its DFSA licence, enables Ripple to manage payments end-to-end on behalf of its customers, moving funds across the globe 24/7/365, and settling payments in minutes, reducing time and friction, and making the movement of value in and out of the UAE dramatically more efficient.
Reece Merrick, MD MEA, Ripple
“Securing our DFSA licence enables Ripple to better serve the demand for solutions to the inefficiencies of traditional cross-border payments, such as high fees, long settlement times, and lack of transparency, in one of the world’s largest cross-border payments hubs,” explained Reece Merrick, managing director, Middle East and Africa, at Ripple.
“Our new partnerships with Zand Bank and Mamo are testament to the momentum that the licence has created for our business. As the global cross-border payments market grows, the leadership demonstrated by authorities in the UAE to create a supportive environment for crypto innovation has positioned the nation and its native companies to benefit from the transformative power of blockchain technology to drive efficiency and innovation in payments.”
Ripple has experienced increasing demand for its payments solution across the Middle East from both crypto-native firms and traditional financial institutions. According to the firm’s 2025 New Value Report, 64 per cent of Middle East and Africa (MEA) finance leaders see faster payments and settlement times as the biggest impetus for incorporating blockchain-based currencies into their cross-border payments flows.
Backing future growth in the UAE
“As a pioneering financial institution with a full-fledged banking licence, 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,” commented Chirag Sampat, head of treasury and markets at Zand Bank. “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.”
Ripple’s compliant digital asset infrastructure means it is well-positioned to provide the core services that financial institutions need to tokenise, store, exchange and move digital assets. Ripple Payments has near-global coverage with over 90 payout markets representing more than 90 per cent coverage of the daily FX markets, processing more than $70billion in volume. Ripple’s licensed payments solution is now available in Dubai, the US, Brazil, Mexico, Australia and Switzerland.
“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,” added Imad Gharazeddine, CEO and co-founder of Mamo. “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.”
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